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How can I/do I need to file form 8997?
I currently hold QOZ investments; in prior years when I contributed, I've had to manually edit and paper file due to Turbo Tax's lack of built-in support to do deferrals.
This year, I've made no changes to my investments, but Form 8997 suggests I'm supposed to file that form to report my existing holdings. I wouldn't care, except Turbotax doesn't support this form, which means I'd presumably need to paper file (?)
If I e-file as is, what happens if I just don't file Form 8997? Will the IRS just rely on my past filing of Form 8997 or will something bad happen?
March 7, 2021
2:59 PM