What is the “GO Zone”?

The Gulf Opportunity Zone Act of 2005 was put into place by President Bush for specific areas of Mississippi, Louisiana, and Alabama to stimulate the economy and encourage growth in each state in the wake of Hurricanes Katrina and Rita.

The Act is designed to give a SIGNIFICANT tax break to real estate professionals who purchase qualified rental properties and put them into use between August 28, 2005 and December 2010 (for MS).

How much can you save?
Potential 50% FIRST YEAR depreciation on the adjusted basis of the property AND a net operating loss carry-back period of 5 years- YES, this means the possible recoup of taxes already paid!

How can you qualify?
Purchase a GO Zone Qualified Property
Determine whether or not you are a “Real Estate Professional” - this is easier than you think!
Discuss your situation with an Accountant who is familiar with and understands The GO Zone

If you would like us to point you in the direction of an Accountant who can assist you in making a decision to purchase a GO Zone Property, please contact our office and we would be happy to help.

Resource:  IRS Publication 4492 available on www.IRS.gov