A few weeks ago the IRS once again extended the deadline to invest capital gains in a qualified opportunity zone. The extension is significant. Investors typically have 180 days to invest capital gains in a qualified fund, but if an investor's 180-period ended after April 1, 2020, the deadline has been extended to March 31, 2021.
The new guidelines came with a handful of other extensions as well. Opportunity zone legal expert Phil Jelsma, a partner at CGS3, outlines the following extensions:
90% Asset Test: Failure to meet the required 90% asset test on of after April 2020 to June 2021 is deemed due to a reasonable cause.
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Kelsi Maree Borland
