Opportunity Zones
The concept for the Opportunity Zone was created by Senator Tim Scott of South Carolina and openly endorsed by President Trump. The purpose of the legislation is to address deteriorating neighborhoods. NC has 100 counties. Each county was asked to identify two areas that would be identified as "Opportunity Zones". We have two Opportunity Zone areas in New Hanover County. One is near the college and the other is downtown near the historic district.
I was hoping to put information on this website about the specifics of the new tax law, but after spending a great deal of time researching, I was unclear as to how to establish the property as a qualifying property. The act provides some interesting tax opportunities. One of them is that if you keep the property for 10 years your total capital gain is non-taxable. I suggest you contact a tax lawyer before you purchase one of these properties.
I was hoping to put information on this website about the specifics of the new tax law, but after spending a great deal of time researching, I was unclear as to how to establish the property as a qualifying property. The act provides some interesting tax opportunities. One of them is that if you keep the property for 10 years your total capital gain is non-taxable. I suggest you contact a tax lawyer before you purchase one of these properties.
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