Qualified opportunity zones are alive and growing but good records are important

June 29, 2020

by Mike Pusey, CPA for Accounting Web

The relatively new statutes regarding qualified opportunity zones provide tax incentives to investments in areas that need economic stimulus. The concept arose in the 2017 Tax Cuts and Jobs Act, so the rules are to a significant degree still evolving.

The basic advantage with such investments is that capital gains, whether short-term or long-term, can be deferred when the gains are reinvested in a qualified opportunity fund. There is an important date – December 31, 2026 – when the deferred gain is triggered back into income.

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