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

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.