Purchasing Opportunity Zone Property W/ Stock Sale Capital gain?

[Kelly Wiggs]

There's a building I'm planning to purchase next week using the proceeds from the sales of stock. Has anyone done this? I have a meeting with my accountant next week to discuss, but I wanted to reach out and get feedback from anyone who's been through the process. My understanding is I have to form an entity that will hold 90% of its assets in an OZ, and it has to be a partnership or corporation not an LLC? The stock is held in my personal name. I didn't see rules for the proceeds from the sales of the asset; do the proceeds have to be held by an intermediary like in a 1031?

[Natalie Kolodij]

No intermediary needed. 

You'll have a specific box and information to be filled out on your 1040 that says the stock sale went into the Op zone.

Then the partnership will need to self certify (file a form with it's return) that registers the opportunity zone. 

If your tax pro isn't REI specialized there is a fair chance they won't know the details of have a client doing this.