Sunday, March 16, 2008

New 1031 Exchange Guidelines for Vacation Homeowners

Realtytimes.com recently reported that the IRS has provided new guidelines regarding whether vacation homes qualify for a 1031 exchange. One of the big trends with Texas baby boomers is vacation homes. With over 70% of Horseshoe Bay property owners being second home owners, and our primary demographic catering to the 50+ crowd, this information is very timely.

According to a new IRS ruling, the property must first be held by the taxpayer for 24 months to qualify for a 1031 exchange. In addition, during each 12-month block of this holding period, the owner must have rented the vacation home for at least 14 days at a fair market rent. Also during each 12-month block, the owner is only allowed to use the property for the greater of 14 days or 10 percent of the days rented. Owners are also allowed a reasonable number of "maintenance days" to care for the unit.

Check with your accountant & the IRS if you have questions. Another local source is Hill Country 1031 Exchange, located here in Horseshoe Bay. If you're looking for someone to help manage your rental property, check with Sandy Terkelson at Horseshoe Bay Resort Rentals.


For more information about real estate in Horseshoe Bay, check my web site: http://www.JanBusse.com/

Friday, March 14, 2008

Property Owners Association Annual Meeting


The Horseshoe Bay Property Owner’s Association Annual Meeting is tomorrow, Saturday, March 15th @ 10:00 AM, at Quail Point on Red Sails in Horseshoe Bay. The agenda is on their website.

One item on the agenda is information about hazardous waste disposal. The
LCRA is sponsoring hazardous waste disposal for Llano, Burnet, & San Saba counties on April 26, 2008. Residents of these three counties can bring their products to the LCRA Western District Complex, Texas Highway 29 and R.R. 1431, Llano County. Hours are from 8:30 a.m. to 12:30 p.m. Check their on line schedule.

Lawn and garden products, automotive lubricants, cleaners, paints, and solvents are found in most homes & their improper disposal can pose a threat to health & contaminate land, air, and water. LCRA's Household Hazardous Waste Collection and Education Program teaches the safe and proper management of these materials and collaborates with local governments to properly dispose of them, & to prevent contamination, especially of local water resources.

In helping local groups sponsor one-day waste collections, LCRA provides assistance with sponsorship and community fundraising, media and public awareness, school-based education, product exchanges, and collection and disposal.

For more information about real estate in Horseshoe Bay, please check my web site: http://www.janbusse.com/ .

Wednesday, March 12, 2008

Spicewood Vineyards Announces 2007 Cabernet Claret

Spicewood Vineyards is celebrating the release of their 2007 Cabernet Claret on Saturday, April 5 with a good old-fashioned pig roast! They will be selling tickets providing the holder with dinner, two glasses of wine of their choice, and a sampling of their brand new Cabernet Claret. Guests will enjoy live music, great atmosphere, & beautiful Springtime, hill country views.

Cabernet Claret tastings will begin at 5:30 and dinner will be available starting at 6:30. The tasting room will have extended hours providing guests with an opportunity to taste and purchase the entire selection of wines. Tickets are 20.00 each or $35.00per couple in advance. Tickets will be $25.00 at the door if available. Be amoung the first to experience Spicewood Vineyards 2007 Cabernet Claret! You can contact Spicewood Vineyards by phone: (830) 693-5328

Saturday, March 1, 2008

Horseshoe Bay Marriott Now Managed by Jaffe Group


In an article by the Austin Business Journal, Horseshoe Bay Resort Marriott, previously managed by Marriott Corporation will now be run by Resort owner, The Jaffe Group. The 349-room hotel will now operate as a Marriott franchise hotel and all the former Marriott hotel employees will become part of Horseshoe Bay Resort's staff.

One benefit for customers is that they will now have one point of contact for the resort and hotel, ownership says. "This transition enables the employees of Horseshoe Bay Resort to provide seamless service for members and guests," says G. Michael Thomas, president and chief operating officer.

Plans are under way to introduce a number of new or upgraded amenities, including a 90-foot-long yacht for private events and group functions, a new restaurant at the Yacht Club, new marina facilities, a new, state of the art spa and fitness center and a completely renovated Cap Rock Clubhouse. (See posting for Jan. 21, 2008).

For more information about Horseshoe Bay Resort & real estate in the Highland Lakes, see my web site www.JanBusse.com