This is a great article from a local title company which describes some of the more interesting aspects of the ’1031′ tax exchange rules. I am intrigued by this allowance for a couple of reasons…
1. If you need to move out of your primary residence and want to hold it as a rental property, then that might be a great strategy right now.
2. I REALLY like the idea of liquidating investment property and rolling it over into a home that you might like to retire to in future. You can thus defer your capital gains, and as this article describes, purchase your future retirement home, rent it out for 2+ years to enable it to meet the investment property definition for your 1031 exchange and then move into it in your retirement, essentially converting it into your primary residence
As you know, REALTORS can’t give you tax advice, only a tax professional can do this. So you should consult one to ask how this might apply to your personal situation. If you decide it’s helpful… then I’m ready to go to work to help you find that perfect retirement home.
Personal Residence to Rental
Sonoma County truly is ‘ON SALE’ and our prices are better than we ever expect to see again. Take advantage of our wonderful prices, lock in at a lower property tax base and buy your future retirement home now! We have a strong rental market here and I think this all combines to create ‘The Perfect Storm’ for your retirement and tax planning.
For Rent: Home for you and your horse, Share beautiful house on horse ranch in north Santa Rosa. One bedroom, private bath, separate entrance, large fenced backyard and garage parking. Surrounded by vineyards and horses yet 5 minutes from highway 101. Includes upscale space available for your horse at full service boarding facility on property. All weather sand riding arena and other amenities. Well behaved dog ok. $1300/mo. Mature, financially secure, professional adult with excellent references only. , 707-545-4635, cell 480-4480
My friend Dan Horn sent this to me, it’s a reprint of an article in the Index-Tribune. There will be a presentation by two of these groups at the Horse Cabinet meeting of the Sonoma Council Horse Council on Jan. 11, 2012, 7 pm at the Sonoma County Driving & Riding Clubhouse at the Fairgrounds. If you need more information, please call me at 707-579-5472.
SEC takes Sugarloaf lead
- By Emily Charrier-Botts INDEX-TRIBUNE ENTERTAINMENT EDITOR
Nov 14, 2011 – 06:54 PMAlmost as soon as the California Department of Parks and Recreation said it would close Jack London State Historic Park, Annadel State Park and Sugarloaf Ridge State Park, the Sonoma Valley community responded with, “No, you won’t.”
Stakeholders joined forces under the umbrella of the Parks Alliance for Sonoma County and included the Sonoma Ecology Center; the Valley of the Moon Natural History Association, which provides volunteers at all three parks; Sonoma County Regional Parks; the Sonoma Land Trust; the Sonoma County Trails Council and the Sonoma County Agricultural and Open Space District.
The goal of the alliance is to keep open the five state parks in Sonoma County slated for closure. The group supported Assembly member Jared Huffman’s bill, AB 42, which was signed last month and allows qualified nonprofits to take over management of parks the state can no longer afford to operate.
The Valley of the Moon Natural History Association has already had their proposal to run Jack London accepted for negotiations, and now the Sonoma Ecology Center is taking the lead to operate Sugarloaf Ridge.
“Sugarloaf Ridge State Park is headwaters for half a dozen watersheds, including Sonoma Creek and Santa Rosa Creek,
and includes some of the most important biodiversity in the region,” said Richard Dale, executive director for the Sonoma Ecology Center. “It has over 4,000 acres of wildlands, including a number of rare plants and animals, and it serves as a wild core for an extensive protected lands network. It has over 20 miles of trails and a beautiful waterfall on Sonoma Creek. It has the only public campground in the Valley. It is also home to one of the largest amateur-astronomical observatories in the country, the Robert Ferguson Observatory. It is hard to imagine the state wanting to close this treasure, and with so much to lose if it becomes neglected, our partners are determined to keep it open for the community and future generations.”
While the ecology center will be taking the lead on managing the vast natural resources of the park, it is only one of five organizations that will be critical to keeping the park flourishing. The Valley of the Moon Natural History Association will continue to work with park volunteers, the Sonoma County Trails Council will work to preserve the numerous hiking trails, United Camps, Conferences and Retreats will help manage the camping grounds and the Valley of the Moon Observatory Association will continue operating the Robert Ferguson Observatory.
The group, which calls itself “Team Sugarloaf,” has already sent a letter to the state expressing interest in managing the park.
Next up they will meet with the Concessions Division of California State Parks to discuss the details of what the state expects in a parks proposal.
Dale said he had one major concern, and that was the camping grounds. He said he fears the state might use a competitive bidding process in efforts to bring in the most lucrative option possible.
“This is something we’d like to avoid if possible because it would mean delays that could close the park and campground for months,” said Dale. “This would reduce revenue to the park and keep visitors from enjoying its magnificent open spaces. It would also put a sign on the park saying, ‘we’re closed,’ and could amplify illegal activity, like pot farms, that is a problem for many parks. This is also a concern for the Observatory, which will remain open for viewing events even if the park gates temporarily close.”
The California Department of Parks and Recreation has said it will close the parks July 1, so “Team Sugarloaf” is hoping for a speedy response from the state to begin making specific plans to take over operations at the park.
To support the ecology center’s efforts or volunteer, visit the Sonoma Ecology Center website at www.sonomaecologycenter.org, or the Parks Alliance for Sonoma County website at www.parksalliance.com.
Great news for the upper end of the real estate market! Check out this report on CA sales over $1 million. We’re seeing great activity here in Sonoma Co. as well.
http://www.latimes.com/business/realestate/la-fi-luxury-home-sales-20110212,0,2968790.story
These never come up but I just thought I’d pass this along. A friend has a cute one BR cottage, suitable for a single person or couple, on 5 acres. She has a small barn and it’s fenced for horses, so she would consider someone to come and bring a horse or two. The cottage rents for $1150 per month, horse facilities would be extra. Lovely, country setting on the edge of Santa Rosa/ Sebastopol. Sweet garden area. Includes laundry facilities, cable and internet service. Wonderful landlords! If you’re interested, just contact me and I’ll put you in touch.
Just a little news info here… I have a wonderful flight of Cinq Cepage… a uniquely original Sonoma County cabernet sauvignon blend for sale. This is a collectible:
Chateau St. Jean Millenium 1997- 2002 Cabernets
Cinq Cépages (“Five Varieties”) is a Bordeaux-style blend consisting of 78% Cabernet Sauvignon, 10% Merlot, 7% Cabernet Franc, 3% Malbec, and 2% Petit Verdot. Each component is aged separately for two years in small French oak barrels (56% new) before blending. Once the wine is assembled, it spends six months in the bottle before release.
Fruit for this Cabernet Sauvignon was selected from the finest Bordeaux variety vineyards in Sonoma County: 60% from Alexander Valley, 15% from Sonoma Valley, 15% from Knights Valley, 6% from Russian River Valley and 4% Dry Creek read more…Valley to assemble a wine that showcases Sonoma County. The Alexander Valley grapes highlight bright berry with back notes of dried herbs, while the Sonoma Valley fruit is from the St. Jean Estate Vineyard, and brings black and dense mountain fruit to the blend. The Knights Valley fruit adds a firm mouthfeel and pronounced tannins and the Dry Creek Valley grapes tend toward dark, dense black cherry and berry fruit flavors with a rich mouthfeel. The Russian River Valley brings exotic aromas and lush textures to complete the blend.
Margo Van Staaveren and Steve Reder-Winemakers. All bottles signed by Margo including a lovely autographed wooden case.
Read more: http://www.snooth.com/wine/ch-st-jean-cinq-cepage-1999/#ixzz1BGLSmRnq
If you’re interested to purchase, make me an offer! Comparable sets on the internet sell for $500 or more but I’ll make you a nice deal on it. Call 217-2683
