You can buy real estate in any of the highlighted areas on this map and get out of paying capital gains on crypto (or stocks for that matter) you sold in a given year. Just saying.
Opportunity Zones
Benjamin Collins
Other urls found in this thread:
wellsfargo.com
twitter.com
Lincoln Torres
i don't think you can do this after the fact
Easton Reed
You can, I did. I made a bunch of money off a dogcoin and went to a jewish cpa. They said all I gotta do is buy this real estate through an llc and hold it for 10 years then boom, no taxes.
Matthew Wilson
What is this magic?
Lucas Martin
Opportunity zones, look it up. Some jewish trick they let me in on cause I have a big nose and held my hands clasped together at the consultation.
Ethan Perry
Question to you Amerimutts
How come so many Youtubers/Twitchstreamers/Influencers buy houses in Nevada and Arizona? ive noticed over the last 5 or so years so many of these people buying/building McMansions there.
Jack Bennett
it's right next to california and nobody actually wants to live in california but they want to be able to drive there if they need to.
Nathan Anderson
But do you have to use all your gains to buy the real estate?
Jonathan Butler
Trump era thing they made to bolster black communities and it was highly effective until... Then the FED paid for riots in those zones to lower the property values and bought the neighborhoods. Probably elites are using these to make a fortune and pay no taxes.
Wyatt Collins
The major benefit of OZs expired at the end of 2021. There's still some big benefits by doing it now though.
Are you planning on doing a real estate play or doing an OZ Business?
Oliver Edwards
You can't do what you did now. The 10 year no tax shit ended at the end of 2021. There is still massive tax savings but not as much as what you got.
Jordan Gonzalez
Ohh so this is different than the Trump thing or was the Trump this an expansion on that?
Dominic Brooks
10 year statute of limitations is unrelated to this afaik. My accountant said that anything you buy until 2024-25 is grandfathered in.
Jacob Rodriguez
You see a lot go to Nevada, Texas, and Florida because they don't have state income tax. They still have to pay federal unless you did the OZ thing last year or you move to Puerto Rico and deal with living in a shithole with douchebag crypto influencers as neighbors. In California state income tax can be as high as an additional 13% tax.
Juan Garcia
Not all, just however much you want to defer. If you want to defer all of it you can.
Benjamin Parker
Puerto rico is also an OZ so you can get 2 birds with 1 stone type deal. Defer what you've made so far and don't pay on anything in the future.
Joshua Watson
>trump bolstering blacks
Ya, I'm glad I voted for Joseph R. Biden and he won. Fuck that Israel loving zionist retarded faggot Drumpf.
Nathaniel Peterson
Also good timing. If you wanted to buy some no-mans-land to build a bunker, you can also get out of capital gains. "They" have it all figured out. 5 steps ahead of you before you even get out of bed.
Isaac Johnson
Right I got confused. The law is insanely confusing. I think the gain is recognized on 2026 with a 15% discount for you, 10% for those that do it in 2022. That means you pay taxes in 2026 for the sale in 2022. However if you hold it for 10 years the taxes you paid in 2026 is "overpayment" of taxes, so you can use that for other gains in the future. 10-years hold means no taxes but you pre-pay (like a deposit with the IRS) in 2026 with some discount.
You should ask your accountant about running a bitcoin mining farm in the basement BTW kek
Jose Brown
Never heard of any of those details can you post links? interesting if it's all the sudden different for people who get in after 2021
Matthew Garcia
This is one of the more readable explainations of OZ:
wellsfargo.com
I haven't looked too closely recently (hence the confusion), I was mainly curious about the truck sized loopholes in Qualified Opportunity Zone Businesses (mining farm). I didn't do anything with that though. Hence, my knowledge may be a little off here.
Samuel Murphy
Actually I forgot how it works when you pay in 2026 and whether you get a credit after 10 years for the original gain in 2021/2022.
However I believe on the OZ investment itself there isn't gain on the income from that business.