Opportunity Zone/Fund Tax Deferral
Hello,
I sold a property back in August 2019. I made about $150K that I would need to pay capital gains tax on. I plan to invest the proceeds in an Opportunity Zone (personally) to defer my taxes.
I am getting conflicting information. A lot of good reliable sources are telling me that I need to create a Qualified Opportunity Fund (QOF) by EOY 2019 and move my money into the fund.
Then in 2020 I would need to purchase a property from the fund.
Question: The 180 day timeline - does that start from the sale of my property and do I need to purchase the new property within the 180 day timeframe? Meaning is it ok just to have a QOF created by Dec 2019 or do I also need to reinvest the money in the new property by Dec 2019?
Any help would be appreciated.