I purchased an empty lot (5,000 sq ft) in an OZ back in 2018, in my personal name. I would like to transfer into a QOZF and build a rental property on it with the intent of holding it for 10 years before selling. I’ve been told I need to sell an asset (will most likely be another rental property held in my personal name) invest that capital gain into a QOZB and then fund the building of the property, after transferring the property into the QOZF LLC that I set up. Curious about how exactly to go about this and what it should cost. Has your firm handled this type of thing before? How much would the legal and accounting fees be to set this all up? I live in WI, property is in AR.
Thanks!