Don’t fret if you have no clue what a tax opportunity zone is as you are likely not the only one. Instead, read further because some of the vital basics are going to be discussed here.
Then, you will be able to make an informed decision about whether the investment is right for you or not. According to the State of California website, opportunity zones provide tax incentives to purchasers who buy property in a designated area.
They are designed to support…
• Affordable Housing
• Environmental Justice
• And Climate Change
Stats That May Entice You To Buy In LA
Currently, there are 3,000,000 California residents living in opportunity zones. There are a total of 879 designated locations in The Golden State. Also, 57 counties have at least one opportunity zone within them. In other words, there are plenty of places to buy in LA, beautify the community, and get a little tax relief for your efforts. Luckily, potential purchasers don’t have to go through it alone. Our real estate company is here to help.
Neighborhoods Worth Looking Into
People don’t necessarily have to buy in LA to be close to the city. Our team has assisted many consumers in finding their dream homes, rental properties, or apartments in Los Angeles and on the outskirts of town. So, if you are interested in an opportunity zone or something else, contact our office to discuss your options.
We are specialized in the following areas:
• Downtown Los Angeles
• West Jefferson Park, West Adams, and Leimert Park
• Hancock Park, Mid City, and Koreatown
• Silver Lake, Los Feliz,
• Highland Park, Eagle Rock, Pasadena
A Little Bit About The Tax Incentives
There are three tax benefits available to those investing in a low-income community. They are a temporary deferral, a step up in basis, or a permanent exclusion. Each definition is rather complex and complicated, but in Layman’s terms, they are designed to save investors money. Persons wishing to learn more should schedule a consultation with one of our agents. They will be more than happy to discuss the ins and outs of the tax incentives with you.
Another Resource For Information
Readers that are interested in obtaining more tax incentive info can also check out the IRS landing page: Opportunity Zones, Frequently Asked Questions. It contains loads of relevant data about qualified funds, tract numbers, tax benefits, and more. We are here to help with answering any questions and help you on your way. Just reach out to us.