Have You Sold An Asset This Year?
As a result of The Tax Cuts and Job Act passed in December of 2017, there are now two ways for you to benefit from the sale of an asset, where you have experienced a gain.
The first way you can benefit is to defer gain from the sale of property to the extent that the gain is reinvested in a Qualified Opportunity Fund (QOF). The second way to benefit is by making a permanent exclusion of the gain from the sale or exchange of the investment in the QOF.
What is a QOF?
A QOF is an investment vehicle organized as a corporation or a partnership for the purpose of investing at least 90% of its assets in QOZ (Qualified Opportunity Zone) property. A QOZ is a designated territory by the Secretary of the Treasury.
If you are interested in learning more about the specifics of the two elections [click here].
If you know, or believe you have experienced a gain from the sale of an asset, please contact your Piccerelli Gilstein & Company tax professional directly. or you can email firstname.lastname@example.org, or call us at 401-831-0200 to discuss. We can help you determine whether you can benefit from either of these new elections.