Opportunity fund & zones. New 2017 tax law

[Raza Rizvi]

Hello fellow investors, Can anyone please clarify if a single family or 2 family rental home can qualify as a business property if it is in an opportunity zone & I plan to substantially upgrade it per OZ requirements? Also if I take my capital gains from a sale of another property. Invest it in a 2 family in an OZ, let’s say purchase it for $100k and then add another $100k to renovate it. Would that qualify as a tax deferral? Next question - if so, then what happens if I sell it and put the proceeds back into the same fund. Is that possible/allowable? Not sure if I’m making sense. Sorry this is all new to me.

[Raza Rizvi]

Canesha Edwards - thank you for the detailed explanation. You really seem to know your stuff.

One more question.. do you know if the renovation money can also come from the opportunity fund? For example if I have $200k of funds to defer. Can I buy a property for $100K & put in another $100k from my funds to improve it? Hope my question is making sense

Thanks again