CPA Voice: Opportunity Zone Funds vs. 1031 Exchanges

Written on Oct 29, 2020

The federal Tax Cuts and Jobs Act of 2017 first conceived of the concept of opportunity zones, but CPAs need to carefully consider these with 1031 exchanges. 

“The decision to use one option over the other is dependent on the taxpayer’s underlying factual situation, goals, and planned investment holding period,” writes Jeremy J. Schirra, CPA & Esq. in the September/October issue of CPA Voice. “However, either alternative is a potential capital gain tax reduction tool, either by deferral or reduction of taxable burden.” 

Census tracts were designated as “qualified opportunity zones” by the states; however, the census tracts so designated either met the definition being a low-income community or were eligible tracts that were contiguous with other selected low-income community tracts. 

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