QOZ CPA questions/recommendations Philly

[Mayer M.]

Hey All,

I have a few development projects in the QOZ zone in Philadelphia and need some cpa/tax/QOZ guidance.

All properties are owned in a single member LLC. The plan is to develop/rehab them and refi to get all my cash out. The costs of construction will far outweigh the cost of the land/structure. All properties were purchased in 2019. All are 2-4 unit properties.

Can I take advantage of the QOZ tax benefits? What do I have to do to make sure I’m compliant? I believe that if holding the property for a minimum of ten years the gain once sold is tax free is that correct? If The asset is fully deprecated by the time I sell does that mean the entire net from the sale is tax free?

So many questions......

Thanks in advance!

Mayer

Keywords: tax, cpa, accountant, opportunity zone, QOZ, Philly, Philadelphia