When selling a property owned for a long period of time especially in New York City where prices historically have skyrocketed over the years, the owners are often exposed to capital gains. So, their options were always primarily to pay the taxes on the capital gains which can in some cases be as high as 35% +/- or enter a 1031 exchange like-kind exchange where you replace the sold property for a similar property. There is now a new program in New York State under the Federal Job Acts of 2017 that provides an alternative for investors facing capital gains. An opportunity zone is a low census tract with an individual poverty rate of 20% or more and median family income no greater than 80% of the area median. Staten Island has multiple areas that qualify for the program. Some of the benefits of investing in a qualified opportunity zone include deferring the gain from your prior sale, getting a 10% exclusion of the gain if property is held for 5 years and 15% exclusion of the gain if property is held for 7 years. In addition, if the investor holds the investment in the opportunity fund for 10 years, the investor is eligible for an increase in basis of the qualified opportunity fund investment equal to its fair market value on the date that the investment is sold or exchanged. Blog: http://bit.ly/2L8w8l0 Check out some of our other videos and listings: Real Estate Education | Seller\'s Closing Costs https://www.youtube.com/watch?v=sc-3D5ymUxE&t=36s Empire Outlets Grand Opening https://www.youtube.com/watch?v=bGW6u4xKMW4 South Shore Commons Available For Sale https://www.youtube.com/watch?v=I3yoWzB5UTE Meet The Agents Videos https://www.youtube.com/watch?v=6qpwtveIA-4&list=PLbyMUN39hTNUe3QrxF77O0254IZ-cYo0W Casandra Properties of staten island, NY is a real estate marketing firm that is focused on lead generation for all its properties for sale. More leads equals bigger pockets in the end for everyone. If you are house hunting and looking for a house for sale don\'t hesitate to give us a call (718)816-7799. If you think it is time to sell your house, we can get you top dollar for your property. Interesting in real estate investing? Would love to chat with you. Reach out to us. Visit us at www.casandraproperties.com Follow us on: Facebook: https://www.facebook.com/CasandraProperties Instagram: @casandraproperties.inc Twitter: @casandraprop