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June 28th Tax Deadline For Opportunity Zone Participation
The 2017 Federal Tax Cut & Jobs Act included one of the most powerful and flexible tax planning provisions in decades. It’s a great opportunity for Utah taxpayers and investors.
The Opportunity Zone Program allows taxpayers generating capital gains from real estate sales, stock sales, artwork, Bitcoin, intangibles and most other assets to roll over the all or a portion of the gain into a Qualified Opportunity Fund (QOF) within 180 days of when the tax gain is reportable and achieve the following benefits:
- Defer reporting the initial gain until December 2026.
- The investor also gets a 10% tax basis increase in their QOF investment in year five and another 5% increase in year seven – resulting in a permanent tax reduction.
- Most importantly, gains accruing after the investment into the QOF will be 100% tax-free upon sale if the investment is held for at least ten years.
However, to participate for any eligible calendar 2018 tax gains, action must be taken no later than June 28th.
FOR MORE INFORMATION, INCLUDING TIMELINE AND MAPS OF UTAH OPPORTUNITY ZONES, CLICK HERE.
Or contact us directly:
Blake Christian
Partner
HCVT
Holthouse Carlin & Van Trigt LLP
136 Heber Avenue, Suite 301
Park City, UT 84060
(435) 200-9262 - Park City
(562) 216-1800 - Long Beach
(562) 305-8050 - Mobile
(562) 216-1803 - Fax
Blake.Christian@hcvt.com
www.hcvt.com
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