Hi, one of my clients brought to my attention that they'd like to defer capital gains on a property he's getting bought out of the LLC by investing in a Qualified Opportunity Zone property.
Apparently it involves form 8997 - does anyone have experience in how to defer this cap gain and the rules other than being in a qualified zone? My software provider never heard of it either.
He showed me this article:
How to Invest in Opportunity Zones and Avoid Capital Gains - Stessa
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How to Invest in Opportunity Zones and Avoid Capital Gains - Stessa |
It's simple: the Qualified Opportunity Zone (QOZ) program encourages real estate investors to put their money to work in low-income areas in the U.S. by offering significant tax benefits, thus spurring economic growth. The Tax Cuts and Jobs Act passed by Congress in 2017 created the Qualified Opportunity Zone (QOZ) program. |
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Stephen Hatzistefanidis
KONSTANTINOS HATZISTEFANIDIS, CPA
Astoria NY
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