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CPA

Peter McNeil

Manhattan Beach, CA

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About Peter McNeil

Peter McNeil is a certified public accountant. He is the founder of Comprehensive Financial Solutions and Tax, based in Manhattan Beach, California.

McNeil, a tax specialist with more than 40 years of experience in tax preparation and planning, founded his tax and financial planning firm since 2003. He focuses on tax-related issues for real estate, investment services for retirement and estate planning. His real estate planning services range from helping first-time homebuyers and converting private residences into rental properties to helping senior citizens transfer their property tax from one property to another.

McNeil previously worked as a tax research specialist for Commerce Clearing House from 1980 to 2000. Licensed by the state of California, McNeil is a registered tax preparer, providing tax advice and preparing returns for individuals, families and businesses. He holds stock broker licenses Series 7 and 66, and has a life and health insurance license.

McNeil was committee chairman for an LAX South Bay CPA discussion group from 2002 to 2017. He has been a regular speaker at CPA discussion groups on numerous tax-related topics.

McNeil earned a Bachelor of Science degree in accounting at Northeastern University and an MBA from Pepperdine University’s Graziadio Business School.

Company

Comprehensive Financial Solutions and Tax

Address

848 Manhattan Beach Blvd, Manhattan Beach

TOTAL ANSWERS

129

Answers to Opportunity Zones

129 Questions Answered

What is the difference between a direct and indirect Opportunity Zone investment?

5 Members Answered

How is the penalty calculated if I fail to meet the 90 percent asset test for my Qualified Opportunity Fund?

4 Members Answered

The IRS says that 90 percent of my capital has to be deployed in an Opportunity Zone, while 70 percent of the business interest and 50 percent of the revenue need to remain in an Opportunity Zone.

5 Members Answered

How does leased property used by a QOZB get treated?

11 Members Answered

I want to relocate an existing business into an Opportunity Zone.

8 Members Answered

How can my Qualified Opportunity Fund pull out of one Opportunity Zone investment that isn’t doing well during the qualifying period and invest in another Opportunity Zone for the remainder of the qualifying period to still qualify for the capital gains benefits? 

7 Members Answered

What would be the benefits of investing in a multi-zone/multi-project fund versus a single-zone/single-project fund?

7 Members Answered

Can my 1031 funds automatically qualify for an Opportunity Zone investment?

7 Members Answered

What happens if I invest in an Opportunity Zone in a state that has not opted to conform to the federal OZ rules?

4 Members Answered

How will the stacking of other tax credits impact Opportunity Zone investments?

7 Members Answered

Can non-capital gains funds be co-mingled with capital gains funds for an Opportunity Zone investment?

10 Members Answered

What is the best Opportunity Fund investment vehicle to choose? Why?

5 Members Answered

What happens when a QOF sells an asset before 10 years but reinvests those proceeds in another QOZ?

3 Members Answered

Can a QOF be structured to pay dividends to nonqualified investors without creating a taxable event for qualified investors?

11 Members Answered

What counts as a “substantial” improvement in an Opportunity Zone project?

8 Members Answered

What are the pros and cons of self-certification of a Qualified Opportunity Fund?

5 Members Answered

How can I make sure that the fund or developer will follow the 31-month rule?

4 Members Answered

Could Opportunity Zone businesses have operations in multiple Opportunity Zones?

8 Members Answered

How can a U.S. citizen who sold real estate abroad benefit from Opportunity Zone tax benefits?

3 Members Answered

Why are triple net leases not approved investments under the new OZ regulations?

4 Members Answered

What can local communities and local stakeholders do to incentivize investment in their Opportunity Zones?

3 Members Answered

As an investor, how can I find projects in Opportunity Zones?

4 Members Answered

How do I request the benefits for developing in an Opportunity Zone?

6 Members Answered

How can I defer bitcoin capital gains through a purchase of real estate in a Qualified Opportunity Zone?

5 Members Answered

If Cannabis is Illegal Under Federal Law, How Is It Legal to Invest In a cannabis business in an opportunity zone and still get the federal tax benefits?

4 Members Answered

How does the 100% bonus depreciation work in opportunity zone investments?

3 Members Answered

How can pre-existing entities qualify in a Qualified Opportunity Fund?

5 Members Answered

Does my money actually have to be invested for a full 10 years to get a step up in basis for the appreciation tax benefit?

5 Members Answered

What are the rules regarding whether a taxpayer can defer eligible gain by acquiring an equity interest in a QOF from a person other than a QOF?

3 Members Answered

How could we invest into an EB-5 project that is also in an opportunity zone and enjoy benefits of both programs?

4 Members Answered

What are the qualifications for setting up a Qualified Opportunity Zone business?

4 Members Answered

What is a reasonable reinvestment period for a Qualified Opportunity Fund?

6 Members Answered

What is the basis for a ground-up development project in an OZ?

5 Members Answered

How do I prove that my building has been vacant for five years prior to being purchased by a QOF or QOZ business?

7 Members Answered

How can Investors secure the benefit from a QOF by purchasing from an existing OZ investor?

3 Members Answered

What transactions may trigger the inclusion of deferred gains, sales, exchanges, and other transfers in an OZ deal?

4 Members Answered

How flexible are the boundaries of the Opportunity Zones?

6 Members Answered

Does a gift of some or all of a taxpayer’s QOF interest qualify as an “inclusion event?”

4 Members Answered

How do I qualify as an Opportunity Zone business?

8 Members Answered

How does an entity become a Qualified Opportunity Fund (QOF)?

11 Members Answered

How do carried interests qualify for Opportunity Zone tax benefits?

12 Members Answered

Regarding recycling of distributed capital, what are the rules on investors redeploying cash distributed from one fund into another without recognizing the gain?

6 Members Answered

Is there a deadline for when I need to deploy funds to benefit from the 10-year tax deferral?

7 Members Answered

What is the definition of “original use” for both real and tangible property?

5 Members Answered

Are there any special regulations when investing in tech companies in OZs?

5 Members Answered

What types of gain can be deferred through investment in a QOF?

11 Members Answered

Are there classes of Opportunity Zones?

11 Members Answered

How and when can I take advantage of owning a commercial property in an Opportunity Zone?

14 Members Answered

Does Puerto Rico benefit from the Opportunity Zone program in the same way that other Qualified Opportunity Zone census tracts in the U.S. do?

9 Members Answered

If my primary residence is located in an Opportunity Zone, is there any way that I can take advantage of the OZ program?

14 Members Answered

What if a taxpayer makes an equity investment in a QOF by contributing property in a nonrecognition transaction?

12 Members Answered

How does one determine the election of the capital gains deferral effect on whether the gain qualifies as short-term or long-term capital gains?

11 Members Answered

Is there a way to structure a QOF so that it can accept non-qualified OZ investment funds in tandem with qualified investments, then pay out the benefit to the non-qualified investors?

15 Members Answered

What happens if I invest in a QOF, but they don’t deploy my funds before the testing period?

16 Members Answered

Can the owners of a QOF have their spouses as its members and invest in residential real property in the zone, then lease it to its members for their personal use?

11 Members Answered

How can cities best take advantage of the Opportunity Zone program?

8 Members Answered

What factors do law firms base their opinion letters on in an OZ deal?

7 Members Answered

Has there been a shift in where OZ investors chose to invest their funds?

9 Members Answered

How do I create an Opportunity Zone fund?

11 Members Answered

What are the rules on deployment of funds into an OZ business and what expenses are allowed?

5 Members Answered

If a freelancer or solopreneur starts an online business, forms an LLC and locates it in a co-working space in an Opportunity Zone, how can this qualify as an Opportunity Zone business?

5 Members Answered

What happens if a taxpayer transfers the QOF interest into a grantor trust and the trust later loses its status?

7 Members Answered

How can California residents enjoy the full tax advantages of Opportunity Zone investments?

10 Members Answered

How can I get an extension to the 31-month period for my working capital plan for my QOF?

10 Members Answered

How detailed must the plan be to improve land in an OZ at the time of purchase?

7 Members Answered

Since QOFs can self-certify, how can investors check that they are complying with the regulations?

10 Members Answered

How do the second set of regulations establish anti-abuse rules when it comes to land use in an Opportunity Zone?

10 Members Answered

How can operating businesses that lease property qualify as QOZBs?

4 Members Answered

What are the criteria for real estate and other tangible property to qualify as QOZBP?

6 Members Answered

How can tangible property owned by a QOF or a QOZB meet the original use or substantial improvement test?

3 Members Answered

Why can most QOF only accept deferred gain prior to Jan. 1, 2027?

12 Members Answered

How are penalties calculated if a QOF fails to meet the 90% Substantially All test?

11 Members Answered

What is the requirement on the timing of OZ Investments?

6 Members Answered

How worried should I be about the penalties for failing to maintain QOZ assets?

6 Members Answered

How strict is the “sin list” rule?

9 Members Answered

Can I use capital from a QOZ sale for other purposes?

7 Members Answered

When using appreciated property to fund the QOF, what basis rules come into play?

7 Members Answered

What kinds of OZ investment transfers don’t qualify as inclusion events?

8 Members Answered

How can existing owners of property in OZs take advantage of the tax benefits without selling?

8 Members Answered

How can a building under construction acquired by QOZB satisfy the original use requirement?

8 Members Answered

What happens with the OZ deadlines now when the tax filing deadlines have been moved to July due to the coronavirus crises?

6 Members Answered

How can I screen a fund manager for experience and competency before investing in any QOF?

6 Members Answered

Can a QOZB rent property to a person or entity engaged in a sin business on the premises?

6 Members Answered

What is the secondary market like for QOF investing?

2 Members Answered

Could new Opportunity Zones be created in response to help communities after natural disasters?

8 Members Answered

Is there a difference if the transfer of the QOF interest is to a trust or an individual?

6 Members Answered

What happens if I don’t have enough distributable cash flow to pay my taxes in 2026?

11 Members Answered

Which data points can best offer insights about the likely trajectory of a given OZ market?

4 Members Answered

What does it mean for investors that the OZ designation was partly based on old census data?

7 Members Answered

Under what circumstances can a property owner contribute a property to a QOF or QOZB in exchange for equity?

7 Members Answered

How can I get an extension to the 30-month period after the acquisition of a property to make improvements?

5 Members Answered

Is there an upper limit on the special capital gain dividends paid by QOF real estate investment trusts?

2 Members Answered

Is the growing education technology market suitable for the OZ industry?

7 Members Answered

What happens if an entity fails to meet the requirements as an QOZB?

7 Members Answered

How do we determine if the QOF meet the 90% test?

5 Members Answered

What happens if a lease is between related parties in an OZ transaction?

10 Members Answered

What data was used to identify eligible tracts for the OZ program?

12 Members Answered

What are the three safe harbors that a QOZB need to meet to fulfill the 50 percent test?

7 Members Answered

How can my business qualify as a QOZ business?

9 Members Answered

How can I best prepare to submit my taxes if I am an OZ investor?

2 Members Answered

What's the best structure to set up a single investor single asset QOF to purchase a residential investment property?

11 Members Answered

If someone invests into a fund as a loan to the investor, is the interest they make on the loan taxed?

8 Members Answered

What happens if my LLC is not able to dispose my capital asset to make a cash investment in a QOF within 180 days?

8 Members Answered

What happens with the gain recognized on the sale of a capital asset in states not conforming with the OZ rules?

7 Members Answered

At what point does “change of use” come into play in an OZ deal?

4 Members Answered

Does a fund need to file with the SEC for my investments to qualify for the OZ tax incentive?

5 Members Answered

What happens if I don’t get my money invested in actual OZ projects by Dec. 31 this year?

13 Members Answered

How can art collectors benefit from Opportunity Zones?

10 Members Answered

How can investors monitor, measure and track progress against impact objectives for their OZ investments?

4 Members Answered

How can a developer combine both EB-5 and OZ capital for a project?

3 Members Answered

What happens at the 10-year mark when the investor has to sell? Do I need an exit strategy?

5 Members Answered

Why do I need a qualified intermediary for a Section 1031 transaction but not to place an investment in an QOF?

7 Members Answered

How can I transfer a property, which I co-own with my colleague, into a QOF?

5 Members Answered

Why are QOFs a beneficial alternative to 1031 exchanges for real estate investors?

3 Members Answered

When raising capital from investors to my own QOF, how do I make sure I follow SEC guidelines?

7 Members Answered

What needs to be written into a purchase agreement when selling a property where the gains may be rolled into a QOF?

6 Members Answered

What types of real estate renovation projects qualify for the OZ program?

6 Members Answered

If I sold property this year as a shareholder of an S corp, how do I best take advantage of the OZ program?

6 Members Answered

How can gains from the sale of cryptocurrency be deferred under QOZ rules?

6 Members Answered

How can other real estate tax credits work together with the OZ program?

5 Members Answered

How and when is it most financially sound to move my business into an OZ?

3 Members Answered

How is the OZ program compatible with Qualified Small Business Stock (QSBS) rules?

4 Members Answered

What happens if I donate my QOF interest to charity?

2 Members Answered

Why do I need to invest by Dec. 31, 2019, to get the full OZ benefit?

8 Members Answered

What happens with the 180-day period if a taxpayer receives multiple payments under an installment sale?

6 Members Answered

When does the 180-day QOF investment period start for pass-through entities owners?

7 Members Answered

How can a nonresident alien and foreign corporations with capital gain be eligible for QOF deferral?

2 Members Answered

When must an S. Corp, a partnership or beneficiaries of a trust invest the gains in a QOF or QOB?

4 Members Answered

If I buy a QOZBP and put solar on the roof, does the full cost of the solar count towards the substantial improvement of the building?

2 Members Answered

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