Opportunity Zones / Capital Gains

[Andy Pillinger]

I have read many many articles on OZ but i still cant find the answer to this!...Please Help! :)

Can i as an individual buy a new build rental duplex or triplex in an OZ off a builder and qualify?. I read all the time you have to buy and property and then invest the same amount minus the land value. In my case i would still be adding value to a lot of land but it will already be completed before i own it. If anyone knows the answer this it would be much appreciated.

Thanks

Andy

[Natalie Kolodij]

Originally posted by @Andy Pillinger:

Hi Natalie,

So what your saying is i need to build my own duplex on a lot of land myself to qualify?.. if a brand new duplex has just been completed by someone else and there selling it in an OZ your saying i can't buy it and claim i added value to it even though it was just a lot of land 6 months prior? ..

Thanks. 

Andy

Correct. 

YOU have to do ADDITIONAL improvements. This is a program to revitalize areas. Not to encourage people to just buy new construction homes. 

The BUILDER could potentially qualify for the QOZ benefits. But you didn't do any thing to improve the area so you wouldn't.