IRS set to reschedule Opportunity Zones hearing

Marketing Your Property
7yFollow

IRS set to reschedule Opportunity Zones hearing

Account Closed
Washington, D.C. · Member since 2019 · 36 posts · 9 votes

What does everyone know about Opportunity Zones? I know that its a great tax benefit for investors who hold for 10+ years. I also know that they are specific to low-income areas around the country. As a new investor whats the best way to find or buy these deals? What are some tips that I should consider?

With the IRS rescheduling the hearing, what do you think will be the outcome?

0Reply
9 views

3 Replies

Jump to latestLatest
  • Nicholas Lohr
    Investor · San Francisco, CA · Member since 2015 · 302 posts · 206 votes
    7y

    I was pretty enticed with Opportunity Zones until I read this part...

    "The property must be either (a) new construction that is not put into use until after the purchase of the property; or (b) "substantially improved" after purchase of the property, which requires that the costs of constructing, renovating or expanding the property during any 30-month period beginning after the date of the acquisition of the property must exceed 100% of the adjusted basis of the property at the start of the 30-month period."

    I just bought a deal that happens to be in a Opportunity Zone but there is no way I would ever put that much into renovations.  It wouldn't make financial sense.  Perhaps a few deals down the road if I get more into new construction or bigger redevelopment projects. 

    0Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    7y
    Originally posted by @Account Closed:

    What does everyone know about Opportunity Zones? I know that its a great tax benefit for investors who hold for 10+ years. I also know that they are specific to low-income areas around the country. As a new investor whats the best way to find or buy these deals? What are some tips that I should consider?

    With the IRS rescheduling the hearing, what do you think will be the outcome?

    The hearing is just to clarify some of the wording and work out some of the gray areas. 

    It was only postponed due to the government shutdown- the QOZ are still a fantastic option if you have some capital gains to defer and like either projects or new construction properties. 

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    0Reply
  • Account Closed
    OP
    Washington, D.C. · Member since 2019 · 36 posts · 9 votes
    7y

    Thank you for that information!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free