Opportunity Zone Investors Get an Extension During the Pandemic

San Diego

Opportunity zone investors are getting some slack during the pandemic. The 180-day deadline for investors to place capital gains in a qualified opportunity zone fund—and therefore avoid capital gains taxes—has been extended to July 15, if the deadline fell during the pandemic from April 1 to July 1.

“For the first time, time sensitive actions include the period of time to invest eligible gains in a qualified opportunity fund,” Phil Jelsma, a partner and chair of the tax practice team at Crosbie Gliner Schiffman Southard & Swanson, tells GlobeSt.com. “In general, these new rules do not apply to all potential capital gains—only assets disposed of between October 4, 2019 and January 17, 2020. This extension could also provide QOFs with additional time to meet their deadlines.”