Did You Know?

DID YOU KNOW? Tax breaks on investments in Qualified Opportunity Zone (QOZ) funds or businesses begin kicking in after 5 and then again after 7 years; but the most generous terms — that 0% rate — are for investments held for at least 10 years. A taxpayer sells an existing investment such as stocks, yielding a capital gain. Special rules apply to the sale of real estate used in a trade or business. The taxpayer then has 180 days to invest part or all the capital gain into a QOZ fund and fill out IRS Form 8949. There is no requirement to invest all the proceeds from the sale; a person could invest only the capital gains. Those capital gains are deferred and are reduced with time. But only the capital gains on the QOZ investment will eventually be eligible for that 0% tax break. (MarketWatch) 
DID YOU KNOW? Asking rents fell in 10 of Manhattan’s 12 major retail neighborhoods between the first quarter of 2018 and the first quarter of 2019. The availability rate, which includes vacant space and occupied space available for lease, rose in 8 submarkets. The Upper East Side has been particularly hard-hit. Asking rents on Madison Avenue between East 57th and East 72nd Streets fell by 28.7% last year, and its availability rate of 28.2% is the second highest in the city. (WSJ)

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