Erica England, Redwood’s Chief Accounting Officer, recently attended a capital raise and technology webinar where one of the presenters mentioned the Opportunity Zone tax reduction that is part of the Tax Cuts and Jobs Act. This program is replete with new opportunities from which you may benefit. We reached out to our colleague Dustin at Berkowitz Pollack Brant CPA’s, with whom we share several mutual clients, to get his view on how this program has already affected his clients and what untapped opportunities lie ahead.
Dustin provided an excellent summary of how the program works including,
- Opportunity to roll virtually any appreciated asset into a defined Opportunity Fund and defer capital gains taxes
- Potential to avoid gains on sale of Opportunity Fund properties
- Potential to realize a step-up in the basis of original investments
Click on the link to read the summary: Opportunity Zones
Fairway America’s, CEO, Matt Burk has referenced another informative article about this subject. Click here to read and learn.