Opportunity Zone Resources
Opportunity Zone Webinar: Feb 7th, 2019 –
Introductory & Advanced Strategies For Opportunity Zone Investing
Join us for a webinar on Feb 07, 2019 at 10:00 AM PST.
This Webinar will be covering the Opportunity Zones and Qualified Opportunity Funds as created under the Tax Cuts and Jobs of Act.
President Trump signed an executive order Wednesday to create a new White House council for promoting private investment in ‘opportunity zones’ in more than 8,700 distressed communities across the U.S., aiming to expand prosperity to neglected zip codes,” Dave Boyer reports for The Washington Times.
The Treasury has released proposed regulations that provide guidance related to Opportunity Zones (section 1400Z-2). These were just released, and our team will be analyzing them and their consequences for jobs and investment in qualifying low-income communities.
Opportunity Zone FAQs
Below you will find a list of Frequently Asked Questions About Opportunity Zones and other resources provided by the IRS. Currently, the IRS and Treasury are working on guidance regarding how the QOZ Funds and eligibility of investments in Qualified Opportunity Zones.
If I already own a property inside an OZ can I put it in a fund?
You can use existing entities as the QOFs, but only tangible property purchased after 2017 can qualify.
Can I use post tax dollars in an Opportunity Fund to get the 10-year benefit rather than Capital Gains?
The 10 year benefit is that post-investment appreciation is not subject to tax. Thus, you have made an investment without paying tax and, if held for 10 years, the post-investment appreciation is not taxed.
Can I sell a property that I used 1031 exchange to buy and roll all proceeds into Opportunity Fund?
Yes. If you have a replacement property from a prior Sec. 1031 exchange and you sell it, you would trigger capital gains that could be invested and deferred/excluded under the OZ rules.
If 90% of fund dollars need to be invested, where does money for substantial improvements come from?
The tests aren't applied until the 6 month mark. Also, the proposed regs allow the taxpayer to hold working capital for up to 31 months.
Below is the link to the IRS Frequently Asked Questions page regarding Qualified Opportunity Zones, How the spur economic development?, What is a Opportunity Zone Fund? and other question regarding QOZs.
Designated Opportunity Zones
The following is the complete list of all population census tracts that the Secretary designated as Zones for purposes of §§ 1400Z-1 and 1400Z-2. The Internal Revenue Service will be governed by this list in administering § 1400Z-2.
CDFI Fund Interactive Map
CDFI Fund Interactive Map of designated Opportunity Zones throughout the United States. The map allows you to layer map by census tract, congressional district, county, and more.
Opportunity Zone Rules and Regulations
This revenue procedure provides guidance regarding to the procedure for designating population census tracts as Qualified Opportunity Zones for purposes of §§ 1400Z–1 and 1400Z–2 of the Internal Revenue Code.
If you need more information, or insight with Opportunity Zones or Opportunity Zone Fund Investments, please contact us today.