You may set up your own. Any entity set up under a U.S. jurisdiction taxed as a corporation or a partnership may apply for QOF status by attaching Form 8996 to its first federal income tax return.
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How can I set up my own qualified opportunity fund to allocate my capital gain?
Or do I have to invest my capital gain into an already approved QOF?
Answers
You do not have to invest your capital gains into an already approved or existing qualified opportunity fund (QOF); you can invest into a QOF that you form yourself. A QOF for this purpose can be as simple as an LLC (i) in which you and one other member invest (even if your spouse and even if it's for just a 1% interest) and (ii) that has a statement in its organization documents saying that it was formed for the purpose of the investing in qualified opportunity zone property and describing its qualified opportunity zone business.
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