随着国家开始(在某种程度上)恢复正常, real estate investors involved in both qualified opportunity funds (QOFs) and qualified opportunity zone (QOZ) property received additional guidance from the IRS when on June 4 the agency issued Notice 2020-39, which includes a number of extensions for key timing and testing requirements. 如通知中所述,扩展是自动的. This means a 税payer does not need to reach out to the IRS via phone or letter to receive relief, 尽管他们 是 still responsible for the timely filing of Forms 8949, 8996 and 8997 with their annual returns.
An important extension involves the 180-day deadline to reinvest capital gains, a requirement that begins on the date of a sale or exchange of property. The new deadline has been extended from July 15 (as noted in previous IRS Notice 2020-23) to December 31.
Another modification affects the requirement for the QOF to hold at least 90% of its assets in a QOZ. Previously, if the 90% threshold would fail on a testing date, the QOF could face severe penalties. For QOFs whose asset test date falls between April 1 and December 31, failure to satisfy this requirement due to reasonable cause is now disregarded. 如果此扩展适用于QOF, 8996年形成, 第四部分, 第8行(惩罚)应该包含一个“0”.
For a property to receive treatment as a qualified opportunity zone business property (QOZBP), 投资必须满足三个一般要求, one of which concerns the substantial improvement of post-2017 tangible property. 一个QOF, 例如, during any 30-month period beginning after the acquisition date of the property, 必须在房产的基础上增建吗. 发布2020-39号通知, the period between April 1 and December 31 is now disregarded for the purposes of determining the 30-month substantial period.
Another requirement for a property to qualify as a QOZBP is the working capital safe harbor, which restricts QOFs to hold less than 5% of assets in nonqualified financial property. There’s also a written schedule consistent with the ordinary startup of a trade or business for the expenditure of working capital assets within 31 months of receipt of the assets. A QOZ may now extend this safe harbor period to a maximum 55-month period if the QOF was relying on the safe harbor before December 31, 2020.
bet9游戏平台 will continue to monitor all developments related to qualified opportunity zones as updates 是 released. Please contact your SD 税 advisor if you have any questions, or would like to discuss the provisions of the CARES Act and or the Families First 冠状病毒 Response Act. 另外,一定要 访问我们的 冠状病毒资源页面 浏览相关内容.