Opportunity Zone Gain Extension

October 15, 2020

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.

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