New Real Estate Opportunity To Consider
Q: Are there any new real estate opportunities to look for this year? Mitch, Succasunna, NJ
A: New Code Section 1400Z, added by the new tax bill offers specific tax benefits to investors that invest in certain designated low income communities called Opportunity Zones including:
- Temporary Deferral of Capital Gains Tax
- Step-up in basis on deferred gain (up to 15%)
- Election to permanently exclude capital gain
A list of all 8700+ Opportunity Zones can be found on the Department of Treasury Website. All the details have not yet all been fleshed out, but hopefully there will be more guidance issued later this year.
For more real estate information and tips visit my blog at geraldlucas.com.