Adviser for upcoming RE transaction

[Derek Hanners]

Hello Cbus,

I moved back to Cbus a few years ago (born and raised here, just returning). I own a property in the Seattle area I plan to sell and reinvest the funds into the Cbus RE market. 

Turns out my Seattle property is in an opportunity zone. I was planning on trying to get a 1031 Exchange done with the sell of the house but now I'm wondering if the OZ path would be more fruitful. I've perused through the FAQ's on websites and the info can be a bit complicated. They have differing tiers based on how long you've owned it, how you reinvest, etc.

Long story short I'm looking for a local adviser of some sort to help me sort it out. Not sure if I should be looking for a RE Agent, lawyer or CPA though? Any advice or recommendations for a contact that can be helpful would be much appreciated.

Thanks!

Derek 

[Tanner Crawley]

@Derek Hanners
I love opportunity zones but I don't think it is appropriate for your situation. You will be able to defer the gain on your property and reap some other benefits, but ultimately the gain will come due at the end of 2026. 

Ozone investments are more applicable to capital gains from non real estate assets in which there is no 1031 option. Or maybe you are looking to transition from your RE investment into private equity (Ozones can be business investments as well). If you are simply reinvesting into real estate a 1031 provides stronger tax benefits.