There is now a new program in New York State under the Federal Job Acts of 2017 that provides an alternative for investors facing capital gains. An opportunity zone is a low census tract with an individual poverty rate of 20% or more and median family income no greater than 80% of the area median. Staten Island has multiple areas that qualify for the program. Some of the benefits of investing in a qualified opportunity zone include deferring the gain from your prior sale, getting a 10% exclusion of the gain if property is held for 5 years and 15% exclusion of the gain if property is held for 7 years. In addition, if the investor holds the investment in the opportunity fund for 10 years, the investor is eligible for an increase in basis of the qualified opportunity fund investment equal to its fair market value on the date that the investment is sold or exchanged.
For more details, consult with your tax professional. Feel free to reach out to us today to find out if your property is located in the Opportunity Zone. We have a mapping tool to identify all properties within the zone in New York City and State. Right now, we currently have a great listing located in the Opportunity Zone at 60 Beach Street, Staten Island, NY.
Call the Nixon McGowan Team at 718.816. 7799 for more details.
By: Rob Nixon
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