Legal Guidance for Opportunity Zone Investments
Changes to the federal tax code in 2017 created a new benefit for investors called Opportunity Zones. Opportunity Zones are economically-distressed communities where new developments or investments could be eligible for significant tax benefits and savings. By offering tax incentives, Opportunity Zones are intended to spark economic development and growth to create jobs in struggling areas of the country.
Myers Law Group is well-versed in the tax code surrounding Opportunity Zone investments and can help you navigate the legal requirements to maximize your tax savings. When you choose Myers Law Group, you can expect consistent communication and personalized attention while we examine your Opportunity Zone investment. We strive to ensure you receive the highest tax benefits in the most efficient way possible, and we’re well-known for finding creative solutions to reach your financial goals.
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Frequently Asked Questions
What are the tax benefits for investing in an Opportunity Zone?
There are many tax benefits when investing in Opportunity Zones. You can invest gains into an Opportunity Fund to temporarily defer taxes or reduce the tax liability of the gains. Contact us for specific tax benefits that may apply to your situation.
Do I need to live in the Opportunity Zone to experience the tax benefits?
You don’t need to live, work, or own a business that’s located in an Opportunity Zone to get tax benefits. The only requirement Is investing a recognized capital gain into an Opportunity Fund, then choose to defer taxes on that gain.
Where can I find a list of qualified Opportunity Zones?
You can find a list and map of Opportunity Zones in the Opportunity Zones Resources page of the Community Development Financial Institutions Fund website here.