Opportunity Zones benefits explanation
Looking for any insight or info into Opportunity Zones. I am about to close on a property that is in an opportunity zone, but not sure if there are any immediate benefits. From what I've read, it sounds like if you have capital gains from selling a property, you can defer those gains if you purchase a property that falls in an opportunity zone, but isn't that similar to a 1031 exchange? Is there any tax benefit for just buying a property in an opportunity zone? Thanks
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@Jason Thomas
Probably not. If your purchasing funds aren't capital gains there are no benefits. It is pretty different than a 1031. You also need to make substantial improvements so if it isn't a significant redevelopment you will not qualify.