Smart Investment Opportunity That Will Lower Your Tax Bill
Monday, September 03, 2018
Looking for smart investments that will help you avoid high taxes? The option is in your own backyard. Three low-income areas of St. Cloud have been designated as “Opportunity Zones”: downtown St. Cloud, the East Side out to the airport industrial park, and part of Sherburne County that includes the U.S. Highway 10 corridor.
“Opportunity Zones” were established in the 2017 tax law. The goal is to give low-income urban and rural communities an economic boost by offering investors a major tax incentive. Invest in redeveloping one of those areas, and you are exempt from paying nearly 24% in capital gains taxes. Think long-term: Let’s say you buy a building in one of the Opportunity Zones. Hold on to it for at least 10 years. When you sell the building, you won’t pay capital gains tax on that sale. Click here for more information on this investment opportunity.