Hello Rick,
Thanks for your guidance and your knowledge base. I now understand that the mature grape vines have no value in terms of basis. Unfortunately, the sale price did reflect mature grape vines. As you explained, that is categorized as profit for hard work. That all said, thanks for your help. Because of this sale, I am looking at a $70K tax bill for 2020. I am just exploring possible avenues to minimize this bill.
Sincerely,
Erik
