Reducing capital gains with opportunity zones

Zynga
JHolt

Go to company page Zynga

JHolt
Jun 6, 2020 11 Comments

Has anybody invested in opportunity zones?
I’m thinking about getting rental property or a short term rental vacation home in one of these “opportunity zones” for tax savings. How does it work?

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  • Zynga
    JHolt

    Go to company page Zynga

    JHolt
    OP
    In California... I can think of several. Oceanfront in Eureka and Santa Cruz, lakefront in South Lake Tahoe, Riverfront in a Ukaih, Seaside near Monterey, some spots in Oxnard.
    Jun 6, 2020 0
  • Yelp
    twinkleeye

    Go to company page Yelp

    twinkleeye
    Remember you need to invest that money from capital gains so if you are buying a 300k place, that 300k needs to come via cap gains.
    Jun 6, 2020 0
  • Trump policy utilizing tax advantages to incentive investors to invest in poor communities.

    I wish more people knew this

    OP I’ve looked into it and you need to reinvest 50% of appraised property value in improvements (100k home —> 50k rehab) to qualify amongst other things.
    Jun 6, 2020 0
  • New
    triOracle

    New

    triOracle
    Yes i have in Delaware

    I made 100k trading options and jumped into one

    Deferring cap gains for 9 yrs
    Jun 7, 2020 2
    • Zynga
      JHolt

      Go to company page Zynga

      JHolt
      OP
      Did you have to set up an LLC to make a fund and get property?
      Jun 7, 2020
    • New
      triOracle

      New

      triOracle
      I would technically you don’t have to do anything
      Jun 7, 2020
  • Zynga
    JHolt

    Go to company page Zynga

    JHolt
    OP
    I have more than that in short term capital gains within the last 4 mo. CA tax rate is close to 42%.
    Jun 7, 2020 0