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  1. #1
    Join Date
    Dec 2019
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    Question Describe Qualified Opportunity Fund

    Can someone tell me how to set up a QOF, Qualified Opportunity Fund, which is a new change on deferring profit on sale of investments.

  2. #2
    Join Date
    Oct 2014
    Posts
    7,454

    Default Re: Describe Qualified Opportunity Fund

    Quote Quoting Sherm65
    View Post
    Can someone tell me how to set up a QOF, Qualified Opportunity Fund, which is a new change on deferring profit on sale of investments.
    You really ought to discuss this with a tax attorney before proceeding. A QOF must be a partnership or corporation organized for the purpose of investing in qualified opportunity zone property. It must timely file a Form 8996 with the IRS to become certified as a QOF. There are detailed rules about what the QOF must do to continue to qualify as a QOF. It is a business that uses tangible property in a qualified opportunity zone and must get at least 50% of its gross income from activities in the qualified opportunity zone (QOZ). There are certain safe harbor tests that can be used to determine if this test is met. As it is a business activity and is specific to certain QOZs this is not something that will suit a lot of investors or business people. Be sure you fully understand what is involved before getting involved, and be sure it makes good financial sense; taxes are not the only thing you should be looking at here.

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