NAHB Now
Last week, the Treasury Department and IRS released proposed regulations intended to clarify key questions regarding investing in qualified opportunity funds (QOFs). In addition, the IRS issued a revenue ruling that provides guidance to taxpayers regarding the “original use” requirement for land.
Once the proposed regulation is published in the Federal Register, taxpayers will have 60 days to submit comments to the agencies. These proposed regulations may be changed before the agencies finalize them.
To help further clarify what opportunity zones and QOFs are, and how the associated tax benefits work, NAHB has provided answers to several of the most common questions on the subject, including:
