What are the most meaningful changes and additions to be aware of? He serves on the editorial advisory board for The Tax Adviser. Hosted by OpportunityDb.
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What are the biggest takeaways? Additionally, he serves on the editorial advisory board for The Tax Adviser. Hosted by OpportunityDb. He was actually the very first guest on this podcast. Back in November of , he and I discussed the basics of the opportunity zones program and some unintended consequences of the first round of regulations. He joins us today from his office in Aspen, Colorado. Tony Nitti, thanks for coming on the show once again. Tony: Thanks for having me. And it was nice of the IRS to wait until the day after the deadline to give us pages of new opportunity zone proposed rates, so, no rest for the weary, I guess.
The following recap of Opportunity Zone requirements and benefits is excerpted, with permission, from a recent article by Tony Nitti in Forbes Tax Geek Tuesday. It provides an excellent summary of the high points. Meanwhile, please contact us if you have any questions about this tax topic or other aspects of the tax law. Qualified Opportunity Zone business property is property that was acquired after , that has never before been used in a Qualified Opportunity Zone, or that has been used in a Qualified Opportunity Zone but that will be substantially improved within 30 months. Benefits You don't have to recognize your original capital gain immediately. Instead, you will recognize the deferred gain on the earlier of 1 the date you sell your interest in the QOF unless you reinvest in another QOF within days , or 2 December 31, And if you hold the interest in the QOF for TEN years, any gain recognized on the sale of your interest in the QOF is excluded forever, as long as the sale takes place before the end of Back to Updates Home.