Opportunity Zone Questions

[Ben Lod]

Hi Everyone, 

It turns out the house I own is in an economic opportunity zone. It was purchased in 2004. 

What are the tax implications? 

Thank you!

[Matthew Ryan]

@Brandon Sturgill - Waaaaayyy to early to tell. Local and state gov't's just designated OZ's back in April of last year and the final regulations, which mostly clarify rules for fund managers, aren't out yet or have just come out. I'm a big proponent as we were using the Economic innovations groups distressed community index (predecessor to OZ maps) to identify up and coming markets in or around urban cores. I think Surban (John Burns term) and urban OZ markets will have an impact but some of the more rural areas are suspect and will most likely not see additional investment. That also follows John Burn's theory on household formations.