Library

The complete catalog of OZ HQ guides and references.

Every article published on OZ HQ, organized by topic. Use this page to browse by subject area, or use the search bar at the top of any page to find specific content.

Foundational

The starting points for understanding the Opportunity Zone program.

• What Is an Opportunity Zone? — Definition, program history, and an overview of OZ 1.0 and OZ 2.0.
• How Does OZ Investing Work? — The five-step process from gain realization to the 10-year exit.
• What Are the OZ Tax Benefits? — Deferral, basis step-up, appreciation exclusion, and depreciation recapture elimination.
• OZ 1.0 vs OZ 2.0 Complete Comparison — Side-by-side comparison, the July 6, 2026 cutoff, and the K-1 bridge strategy.
• OBBBA Explained — What P.L. 119-21 actually changed about the OZ program.

Technical Rules

The statutory and regulatory mechanics of how the program works.

• The 180-Day Rule — Clock start dates for direct sales, crypto, and K-1 partnership gains.
• Capital Gains Deferral — OZ 1.0 vs OZ 2.0 deferral mechanics and phantom tax planning.
• Depreciation Recapture — How the FMV step-up eliminates recapture on 10-year OZ exits.
• The Phantom Tax — Cash tax liability at the end of deferral, planning options, and worked examples.
• 1031 vs OZ — Structural incompatibility, the split strategy, and when each tool wins.
• OZ 1.0 Deadline — What happens December 31, 2026 and action items for current investors.
• OZ Tax Forms (8949, 8997, 8996) — Lifecycle of investor and fund-level tax reporting.
• OZ K-1 Guide — How an OZ K-1 differs from a standard K-1, including the zero-basis problem.

Fund Structure

The structural mechanics of QOFs, QOZBs, and how OZ projects get capitalized.

• What Is a QOF? — Self-certification, 90% asset test, and the Form 8996 filing.
• QOF vs QOZB — The two-tier structure and why the QOZB layer is required for development.
• How Opportunity Zone Projects Get Capitalized — The two-tier QOF/QOZB structure, the multi-QOF capital stack, and the acquisition traps that disqualify QOZB partnership interests.
• The Four QOF Structures — Operator-managed commingled, diversified institutional, captive, and advisor-managed institutional, with a decision framework by gain size.
• Working Capital Safe Harbor — 31-month and 62-month rules, three requirements, and documentation.
• Substantial Improvement — The 100% urban and 50% rural thresholds, plus the original use exemption.
• OBBBA Reporting Requirements — IRC 6039K, new data elements, and penalty structure.

Investor Guidance

Practical guidance from an OZ operator's perspective.

• OZ Investor Guide — Complete guide for investors evaluating OZ for the first time.
• How to Evaluate an OZ Fund — Nine questions from an operator who structures OZ deals.
• OZ Fund Red Flags — Six patterns that predict fund failure.
• Liquidity and Refinance Risk — Capital stack risk, bridge loan failure mechanics, and the phantom tax liquidity trap.

Real Estate Strategy

Specific strategic structures used in OZ real estate deals.

• The Pre-TCO Acquisition Strategy — How QOFs acquire newly built OZ properties from merchant builders before placement in service.

Policy and Data

How the program has performed and where it's heading.

• Did Opportunity Zones Work? — A data-driven assessment of the program's first seven years.
• 2026 Zone Designation Guide — Governor nomination timeline, eligibility criteria, and the dual-map overlap.
• OZ Transition Period — Grandfathering rules and what changes on January 1, 2027.

Case Studies

Real-world OZ investments and outcomes.

• Bishop Ridge Case Study — 25+ projects, ~1,000 units in a single Dallas neighborhood.

Tools and Reference

Calculators, definitions, and cross-cutting reference material.

• OZ Deadline Calculator — Interactive tool for calculating 180-day windows.
• OZ Glossary — Every OZ term defined with links to primary sources.
• FAQ — Cross-cutting questions not covered on individual topic pages.

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