info on making an Opportunity Zone tax-deferred Investment

If you have capital gains, you can invest the capital gains portion of the sale into a Qualified OZ investment such as the Palace Way mobile Home Park (PW-MHP). 

STEPS:

1. Determine whether you qualify as an accredited investor. 

2. Read the PW-MHP PPM and disclosures

3. Fill out the subscription agreement.

4. Deposit into the PW-MHP account. ( within 180-days of the asset sale date.)

5. File form 8949 with your tax return.

If you are converting from a 1031 exchange to an OZ investment see your CPA  to determine the amount of capital gains dollars that qualify. 

Q16.  How do I elect to defer my eligible gain? The following is from the IRS website:

A16.  You may make an election to defer the gain or, in part, when filing your federal income tax return.  You may make the election on the return on which the tax on that gain would be due if you do not defer it.  For additional information, see How To Report an Election To Defer Tax on Eligible Gain Invested in a QOF in the Form 8949 instructions.

Q17.  Can I defer 1231 gain for a taxable year under the QOZ rules?

A17.  Yes.  You could elect to defer the 1231 gain if the amount of the gain was invested in a QOF during the 180-day period that begins on the day you realized the 1231 gain. If you realized your 1231 gain in 2019, your 180-day period might start on December 31, 2019. For proper reporting of this gain, see instructions for Forms 8949 and 4797.

A18.  Yes, but you will need to file an amended return.  An individual or a married couple uses Form 1040-X and attaches Form 8949.

Contact: Jim Glasgow for the subscription agreement form and the PPM documents. At 210-4132-7230