Ryan Cole, Tax Services Principal with Lane Gorman Trubitt, joined a recent meeting to share his knowledge on IRS regulations and rules regarding the Opportunity Zone (“OZ”), an economically-distressed community where new investments may be eligible for preferential tax treatment under certain conditions. Localities qualify as OZ if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury.

Ryan explained that you do not need to live, work or have a business in an OZ to take advantage of the tax benefits. By investing a recognized gain in a qualified Opportunity Fund you can elect to defer the tax on that gain. Ryan stated that we need to “keep in mind that all real estate is risky especially in low income areas, but it entices people to put the money in there and stick around.”