Are Opportunity Zones the talk of the town in your local Real Estate circles? No?
While it’s no surprise that this part of the tax code is not yet well known, many savvy investors are jumping at the opportunity of the tax savings that it can provide.
What is an Opportunity Zone?
According to the IRS.gov website, “An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment….”
These opportunity zones were designated through coordinated efforts between State and local governments in identifying these economically-distressed areas.
Opportunity zones were added to President Trump’s “Tax Cuts and Jobs Act” in December 2017. Specifically the…