Did you know that investors with capital gains realized as far back as October 2019 still have through the end of this year to take advantage of a compelling, bipartisan tax-incentivized investment program?
Opportunity Zone rules originally provided 180 days for investors to roll over qualifying capital gains into an Opportunity Zone fund. Investors whose 180-day period would have ended between April 1, 2020, and December 30, 2020, can now make their investment until December 31, 2020 after the IRS released Notice 2020-39 on June 4, 2020.
The Opportunity Zone program is a way for investors to defer capital gains tax, receive a step-up in basis, and participate in qualified opportunity zone funds exempt from additional capital gains taxation while making a positive impact in lower income communities across the United States. In light of everything going on today, it’s an actionable, innovative solution to make a positive impact in communities across the country.
One of the several managers CommonGood represents is a real estate investment firm that has invested in over 1,000 properties nationwide, including 300 properties located in census tracts designated as opportunity zones. With a strong pipeline of shovel ready deals, Alliant Strategic Opportunity Zone Fund I will develop much needed multifamily housing designed for low to middle earners.