The go zone tax break has been under constant scrutiny since being its inception. There are obviously many ways to interpret the law. I have dealt with numerous people who have tried to qualify for the benefits of a 50% tax write-off of purchased property. In my experience, the accountants seem to view the law differently in each case. I also believe that an aggresive accountant is best suited to handle go zone deductions. There is also criteria to be met when applying for these incentives. The most noteable are percentage of time in real estate and prior use of the condo. Prior use means that the unit must not have been placed in to service and rented. This does not mean the unit can not have been used personally, just not rented. The second major concern requires that the buyer spend a percentage of his/her time in the real estate filed. There is a way around this that requires the formation of an l.l.c., a nominal fee. Please let me know if you have any further questions. You can email me at aarono@gulftel.com or contact me at 800-530-4681.
Thanks,
Aaron Pugh
www.condoinvestment.com
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