New Tax Plan - Opportunity Fund/Zone Insight?
So I was reading an article regarding the new tax plan that mentions investors using ‘Opportunity Funds’ to purchase real estate in ‘Opportunity Zones‘?
Is there anyone who might be able to go into more detail about what is considered an Opportunity Fund?
The cliffnotes version of this part of the plan, from what I understand, an investor can put existing capital gains into an Opportunity Fund, and from there, if they keep the property for 10 years, they don’t have to pay ANY taxes on the ‘new’ investment and only pay taxes on the original capital gains that first went into the ‘Fund’.
This seems like a huge opportunity for any buy and hold investor.
I am NOT an accountant or lawyer so if anyone out there can shed some light, I’d appreciate any insight!!
Thanks everybody!