Las Vegas Opportunity Zones

[Bill B.]

Does anyone out there understand the ins and out of the new “opportunity zones”?

Las Vegas has chosen at least 5 new ones here in the valley. It sure sounds like you can 1031 exchange in to property in one of these zones and if you hold it for 10 years all your capital gains with become tax free. 

1) is that a correct representation of what it is?

2) does it include tax free depreciation recapture?

3) anything else I should Know?

Thanks

-Bill

[Dave Foster]

@Bill B., They (like a lot of the new tax code) was cooked up pretty quickly and no one fully understands all the nuance.  We're all kind of sorting through it.