LEHI, UT, February 12, 2019 —
In recent news, Opportunity Zones have become the most talked-about real estate tax-saving strategy in 2019. Some have gone on to label Opportunity Zones as a complete game-changer, or in much better words, "a 1031 exchange on steroids."
Opportunity Zones were created by the Tax Cuts and Jobs Act in December 2017 as a way to improve distressed neighborhoods and add long-term value to troubled parts of cities. As an incentive, those that invest in an Opportunity-Zoned property can enjoy major tax benefits depending on the holding period and investment timing.
Although details for Opportunity Zones are still being ironed out, we have found that this FAQ can answer many of your questions in the meantime regarding eligibility and timing.
GDP is especially excited about this topic, as one of our projects located within a Qualified Opportunity Zone. Investors and owners alike can expect to benefit greatly from the project, especially from a tax-saving perspective.