In the July 13 issue of The Greenville News, Bob Nachman, partner at Nachman Norwood & Parrott, provides insights on Opportunity Zones, particularly as they relate to the meaningful and somewhat unique tax benefits associated with these investment areas. More than 8,700 low-income, economically-distressed land tracts across the United States have been designated as Qualified Opportunity Zones, and four of these are located in Greenville, South Carolina.*
Opportunity Zones were created by the Tax Cuts & Jobs Act in December 2017, and Nachman notes that Opportunity Zone investing will likely have a significant impact on cities throughout the country. Opportunity Zone investments may provide significant tax benefits. Nachman goes on to explain one way to invest in an Opportunity Zone property is via a Qualified Opportunity Fund (QOF).
Even though the investment process is somewhat complicated, the benefits of investing can be substantial. Nachman recommends properly vetting these investment opportunities and warns against investing just for the potential tax breaks. “Investing in a QOF should fit appropriately in an overall financial plan,” Nachman explains.
To read the entire article, visit The Greenville News website. If you’d like to schedule an appointment with a financial advisor to talk about investing in Opportunity Zones, call us at (864) 467-9800.