Cape Coral Opportunity Zones Information - Created by President Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to spur economic development and job growth across the country. As a result, Cape Coral Opportunity Zones were created. https://opportunitydb.com/cities/cape-coral-florida/ Benefits of investing in Cape Coral Opportunity Zones The temporary deferral of taxes on previously earned capital gains is helpful.Next, the basis step-up of previously earned capital gains invested.Finally, There is the permanent exclusion of taxable gain on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones). Cape Coral has 3 census tracts included in the Opportunity Zones: 10201, 10302, and 10307. The Cape Coal units affected are all or part of 16,17,23,27,34,35,36-1,37,38,39,40,46. The Cape Coral Opportunity Zone is approximately 12.19 square miles, with about 8,900 vacant parcels totaling just over 2,750 acres. Approximately 2300 of those parcels currently have zoning that allows for multi-family, commercial, or professional uses. Equally important, the opportunity zones in Cape Coral have a combined population of 27,000, which represents 14% of the city’s total population. The median household income for these areas ranges from approximately $48,000 to $62,000. https://opportunitydb.com/cities/cape-coral-florida/ Many of the build-to-rent investors buying in Cape Coral have targeted the Opportunity Zone area to build their portfolios. Holding for 10 years and selling without paying capital gains tax is very attractive to investors. Demand for these areas should remain steady. https://cms4files.revize.com/capecoralfl/edoNew/PDF/EDO%20Guide%202020%20-%20DIGITAL%20VERSION%20-%20July%202020.pdf Furthermore, in just 2022 alone, we have bought and… Continue Reading
Where can I play Pickleball in Cape Coral? - Lake Kennedy Racquet Center Pickleball is increasing in popularity, especially with Cape Coral's “Go Bond Project”. The city’s park and recreational facilities created this program geared toward expanding. “Lake Kennedy Racquet Center”, will soon be home to 16 brand new pickleball courts! Other new parks and improvements will also include pickleball courts. Shared by individuals and families of all ages, lovers of the game boast that it is a fun, social sport. If you are looking for where to play Pickleball in Cape Coral, here are all of the local options. According to a Sports & Fitness Industry Association Topline Report, pickleball participation almost doubled in 2022, increasing by 85.7 percent year-over-year and by an astonishing 158.6 percent over three years. What is Pickleball? Three dads with some bored children invented the sport in 1965 on Bainbridge Island. Gaining popularity the sport evolved. Resulting in more elaborate rules and professional equipment, unlike the handmade equipment these dads came up with! Pickleball is played on a court similar in size to badminton. Comparably, it has a smaller net than tennis. Described as a mix between tennis, badminton, and ping-pong. Played as doubles or singles and enjoyed outdoors and indoors. Equipment includes a paddle and plastic ball with holes. Where can I play pickleball in Cape Coral? Below is a list of Cape Coral parks with pickleball courts: Camelot Park Gator Trails ParkGiuffrida Park Jim Jeffers Park Joe Stonis ParkLake Kennedy Community Park - Scheduled to open in 2024Lake Meade Park - Scheduled to open in late 2023/early 2024 Sands Park -… Continue Reading
2022 Capital Gains Taxes - Buying and selling real estate for a profit can be a great source of income, but one important thing to consider is capital gains taxes. When you sell an investment for more than its purchase price, capital gains taxes could be applied. This also applies to other investments such as stocks, bonds, and mutual funds. For example, you purchased a home for $200,000 and sold it for $300,000. The profit of $100,000 that you made on the sale of the home is subject to 2022 capital gains taxes. The length of time invested and income profit determines capital gains taxes. There are two types of capital gains: Short term and long-term. Generally, short-term capital gains are for assets you hold for one year or less. Long-term capital gains are for assets you hold for a year or more. Short-term capital gain taxes are taxed at the same rate as your ordinary income. Long-term may still be based on your income, but typically are at a lower rate. According to the IRS website, the tax rate on most net capital gains is usually not higher than 15% for most individuals. https://www.rocketmortgage.com/learn/capital-gains-home-sale https://www.rocketmortgage.com/learn/capital-gains-home-sale Ways that capital gains taxes can be avoided by some homeowners and investors: Reinvest sale proceeds into 1031 exchange or the use of opportunity zonesOffset capital gains with capital lossesDeduct the costs incurred by the saleEstablishing your rental property or second home as a primary residence by moving into it for at least 2 yearsOwning and occupying your property for 2 out of the last… Continue Reading
Cape Coral Real Estate Market Update March 2023 - Cape Coral Real Estate Market Update March 2023 Continue ReadingCape Coral Yacht Club After Hurricane Ian - More than six months post Hurricane Ian and many citizens of Cape Coral are wondering, when will the Cape Coral Yacht Club reopen. A lot has changed very quickly, but there is still a lot of reconstruction that is in the works. The Cape Coral Yacht Club is an iconic part of the city and has been a place where many residents and visitors spend their time. It is really the only “beach” area in Cape Coral. On a typical day, it is filled with hundreds of citizens enjoying its many amenities. Young children playing in the sand, birthday parties underneath the pavilion, older children swimming at the community pool or fishing off the pier, adults enjoying cocktails at the famous Boat House, and many locals alike having fun on the four tennis courts that are provided. But this is not the feel at the Yacht Club today. Upon entrance into the area, there is a sign with the words “Beach Closed” and a street barricade completely blocking off the entrance. You are able to make a left, toward the tennis courts, but that too is still closed down. On a normal weekday even, the courts would be filled with local community members filling the parking lots and courts, for some fun time in the sun and exercise, competing against each other in some great matches. Today, the tennis courts are still in shambles, and the parking lot is completely empty. We are looking forward to seeing the plans for redeveloping the Cape Coral Yacht Club.… Continue Reading