Opportunity Zone Property

[Dominic Casciato]

Hi All,

I recently purchased a property in an Opportunity Zone. My broker told me that there would be no capital gains tax on the property if I hold it for ten years.

Now I’m seeing that for the capital gains tax to be waived, the property must be held in a Qualified Opportunity Zone Fund, which I didn’t set up to purchase the property.

I feel a little stupid in having taken her comments at face value and not doing my homework on OZ’s prior to purchase. I was trying to make sure I understood everything about the process of my first deal, and neglected to look into the rules around OZ investment.

Does anyone have experience investing in OZ’s? Has anyone purchased outside of a OZ fund and then been able to transfer ownership to one?

Thanks,

Dominic