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Understanding The Qualified Opportunity Zone Deadline Extension
If you’ve learned anything at all about the Qualified Opportunity Zone (QOZ) program from previous blogs, it’s that the initiative contains many deadlines. These requirements must be met, to ensure tax deferrals on capital gains from the sale of assets. One such deadline is the 180-day requirement for reinvestment of your capital gains into a Qualified Opportunity Fund (QOF), to postpone taxes. The fund then takes that gain, and gains from other investors, and puts them toward Qualified Opportunity Zone Properties (QOZPs).
Can I Move My IRA Into An Opportunity Fund?
The Employee Retirement Income Security Act of 1974 (ERISA) introduced the individual retirement account. And, the IRA became popular with help from the Economic Recovery Tax Act of 1981. These days, IRAs are positioned to help individuals save for retirement, with tax-deferral advantages.
Qualified Opportunity Funds vs. Qualified Opportunity Zone Businesses
While Qualified Opportunity Funds (QOFs) and Qualified Opportunity Zone Businesses (QOZBs) are an essential part of the Opportunity Zone program, their purposes are quite different. QOFs are in place to fund projects in federally designated QOFs, while QOZBs are directly engaged in trade and activity within these locales.
Is A Long-Term Lease Permitted For An Opportunity Zone Project?
The Opportunity Zone Program was created to direct much-needed capital to distressed areas by offering tax deferral incentives to investors. The program is finite with many deadlines: the statutory expiration of Qualified Opportunity Zones’ (QOZ) designations is December 31, 2028. Additionally, 2028 will be the first year during which early QOZ investments can be sold, allowing investors to qualify for their 10-year gain exclusion.
Understanding The Structures Of Qualified Opportunity Funds
Here is the big picture of the Qualified Opportunity Zone program, broken into three parts.
The Components Of A Qualified Opportunity Zone Deal
If you’ve read any of our previous blogs about the Qualified Opportunity Zone (QOZ) program, you should have come away with the following:
Setting Up For Qualified Opportunity Fund Success: Knowing The Partners
According to Chinese philosopher Lao Tzu, “It is the wise man who knows what he does not know.” In other words, successful people understand that they don’t know everything. They can’t. These successful people also have experience in finding successful others who can fill in knowledge gaps. This is where fruitful partnerships come into play.
The Opportunity Zone Deal: Finding It, Funding It, Improving It
While a great deal of excitement has been generated with the Investment in Opportunity Act, its tax breaks and focus on disadvantaged communities, it’s important to remember one thing. It is, first and foremost, an investment program. Yes, it offers tax deferrals on capital gains. And yes, the vehicle will likely be useful for economic improvements within Qualified Opportunity Zones (QOZs). But before handing your capital gains to a Qualified Opportunity Fund (QOF), plenty of due diligence is required.
Location Matters: Qualified Opportunity Fund Managers And Geography
The first U.S. Qualified Opportunity Zones (QOZs) were designated in April, 2018. These days, there are more than 8,764 designated QOZs in the 50 states and five U.S. territories, including Puerto Rico.
Due Diligence And Qualified Opportunity Fund Managers
This is the first of five blogs detailing the importance of researching Quality Opportunity Fund managers, when targeting Qualified Opportunity Zones for investment. A great deal has been written about the Qualified Opportunity Zone (QOZ) program, since it was introduced as part of the Tax Cuts and Jobs Act in 2017. The program has mostly been lauded for its community improvement potential (channeling resources toward disadvantaged, lower-income areas) and investor benefits (capital gains tax deferrals).
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