Your Opportunity Funds are reported on the Form 8997. However, you also need the Form 8949. You report all your capital gains on the 8949 (to include any capital gains from a Schedule K-1). If you use software or online service, the numbers from your Schedule K-1 will go to the right place. After reporting the gains on the 8949, you apply a special code (can't remember what it is, I think it's a Q...) to the gain and report the amount, and the Q Coded (or whatever the code is) will go to the 8997 in section 2. There are four sections to he 8997.
Beginning balance (if you had one)
New gains added to the fund
Dollar amount removed from the fund (which you have to pay taxes on, don't remove before 2026 unless you have to, and I heard there is legislation extending it to 2028)
Ending balance (which is transferred to beginning balance the next year)
Any taxable gains (or losses to report) after completing Form 8949 and Form 8997 will automatically transfer to Schedule D.
