Real estate in opportunity zones across South Florida has been springing up for sale offering development potential to investors along with a tax break.
The special designation pushed up asking prices for some sites, said a broker listing some of the properties. An attorney who isn’t working on any of the deals said his clients generally aren’t setting out to pursue OZ sites but consider it a bonus.
Small-time real estate investors are being blocked from a tax break that was originally meant to benefit them.
The Treasury Department recently released final rules detailing how owners of businesses including limited liability companies can receive a deduction of up to 20 percent, according to Bloomberg. The law, which was part of 2017 tax reform, lets real estate firms claim the deduction in full, but bars part-time property owners from the benefit.