Opportunity zones - your thoughts? (cash, invest, property taxes, cost)

[Basic2020]

To keep it simple - I sold a house this year but unfortunately I put the cash in the bank and therefore lost ability to take advantage of IRS Code Section 1031. All I can think of now is investing in Opportunity zones to avoid taxes on Capital gains. But I really don't know anything about these opportunity zones. Can you please shed some light? If I am convinced, then I will invest in these areas in Massachusetts. I don't have a bandwidth to maintain this (in terms of repairs etc). Please let me know your thoughts how I should handle this situation.

[sitonmywhat]

Ya, you seem to have missed the deadline. I just looked at that provision in the Code. Opportunity Zones are areas that are depressed, crime-infested, places past their prime. In other words: areas needing redevelopment. You might check out Holyoke, MA. Just up the road from my hometown, Springfield, MA. Both are crime-toilets these days. If you are central or eastern MA, maybe something a little closer to home.

Ah! I found a Statewide map. Includes even PROVINCETOWN!
https://www.mass.gov/info-details/opportunity-zone-map

[GWoodle]

AFAIK an Opportunity Zone is something for a developer and not private individuals. Similar vehicle to Tax Finance District. The developer may get a tax break on property taxes. To finance the development sales taxes go to help offset the cost.

You may see evidence when an old Mall or some other property sits vacant for 10 years. Sometimes you never know who owns the property some new development sits on. For a private person could be similar to when the state buys your property for when the new Interstate is built.