Too late for QOF? Opportunity Zone

[Patricia Nguyen]

I'm about to close on a four-plex in an opportunity zone; is it too late to create a QOF?  What are the steps?

[Philip Ma]

I think the threshold question is whether you have eligible gain that you realized within the preceding 180 days that you are using to acquire the property. If not, then there is no tax benefit to setting up a QOF.  Is so, then you need to set up an entity as soon as possible (partnership or corporation for tax purposes) and acquire the property using the entity. I would check with a CPA and/or attorney familiar with the QOZ rules.