We all know the value of finding a diamond in the rough! Opportunity Zones are the real estate investment equivalent of that diamond in the rough. Created as part of the Trump tax cuts in 2017, Opportunity Zones are 8,700 plus geographic tax havens in all 50 states. The Zones are designated to attract new real estate investment capital to improve and revitalize distressed areas. Some of these areas are a bit rough but you will find many great areas where lawmakers want to encourage growth. Significant tax incentives are offered to real estate investors to entice fresh capital into projects in these areas. If you are engaged in new real estate investment activities where significant dollars are going to be deployed for the building or improvement of the property, visit the interactive map at HUD.gov to see if your proposed property is eligible for the tax incentives we are talking about today.
Tax law changes often. This is general information, not advice for your specific situation. Talk with us before you act on it.