I am under contract on a park that is located in an Opportunity Zone. I have not formed the entity that will purchase the park and hold it as its sole asset. I’m aware of the basic requirements of investing in an OZ, but are there compliance requirements that need to met at the time of the initial investment? For those of you that have invested in an OZ, did you work with a tax professional to set up the entity and complete any compliance work, if required?
Thank you.
Hi Ippo,
I am actively investing in MHP’s inside opportunity zones. I worked with a tax professional to set up the QOF and QOZB to purchase a park. You will want to get a knowledgeable CPA to help as there are some very critical timing issues and order of fund transfers that need to take place.
Feel free to dm me if you’d like more info, happy to help.
Matt
I have a park in a QOZ and had a tax attorney help me to set it up and to help with the ongoing related tax work. There are a lot of ins and outs and tax attorney is crucial. CPA may be adequate as well.