Last week the Internal Revenue Service provided Opportunity Zone investors with some relief.
Opportunity Zone rules provide 180 days for investors to roll over capital gains into an Opportunity Zone fund (QOF). Investors whose 180-day period would have ended between April 1, 2020, and December 30, 2020, can now make their investment until December 31, 2020 after the IRS released a notice last week.
"From a real estate investor standpoint, this change has recognized both the challenging nature of both the market we are in as well as the one we left behind," according to Steve Sharkey and Jerry Neuman, partners at DLA Piper. "While today's market has both the prospect of declining values and uncertainty of future uses, which could delay closings, Q4 2019 was nearly the opposite with an imbalance between pricing and cap rates, making finalizing deals difficult."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
