Opportunity Zone CPA

[Wiley Strahan]

Hi All,

I am working on raising a fund that specific invests in opportunity zones (specifically multi-family) in the Southern California market. Does anyone have a CPA who is well versed in the accounting for opportunity funds? 

Thanks!

Wiley

[Basit Siddiqi]

@Wiley Strahan

You need to make sure that the fund self-certifies itself with the IRS.

Furthermore, there are strict rules on how the fund must invest for the capital gains to be excluded for it's investors.

You also want to make sure this testing is done on an annual basis. You don't want to put yourself in a position where you tell your investors that they have to pay tax on capital when they didn't expect to.

The States/IRS should have approved the lands designated as opportunity zones. Have you looked into the specific area that you want to invest in?

I would also reach out to a SEC attorney if you plan to raise private capital.