Using Opportunity Zones to Get Tax Benefits and Develop America’s Communities
One aspect of the Tax Cuts and Jobs Act of 2017, passed by US congress, gives investors the opportunity to defer or eliminate taxes. The key element of this new law is to encourage private investments in economically distressed communities across America. These designated areas are called Opportunity Zones. Investors are taking advantage of these tax incentives and creating attractive structures that create cash flow as early as 2 years. There are qualifying products for a 1031x real estate capital gains exchange used to cash out the cost basis immediately, and the capital gains will be deferred until year ten when all tax liabilities will be forgiven. Almost any type of capital gains qualify, even proceeds from the sale of cryptocurrency can be tax deferred. We recommend using a professional for this step, and we would be happy to connect you with one of our trusted partners.