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Thanks for sharing. I've been struggling quite a bit to find out the right way to manually do this.@hpadden , did your return pass/got processed with no issues?
For those struggling with k1 capital gain invested in QOF, here are some tips.
Report the deferral of the eligible gain
on its own row of Form 8949 in Part I with
box C checked or Part II with box F
checked (depending on whether the gain
being deferred is short-term or long-term).
If you made multiple investments in
different QO Funds or in the same QO
Fund on different dates, use a separate
row for each investment. If you invested
eligible gains of the same character (but
from different transactions) on the same
date into the same QO Fund, you can
group those investments on the same row.
In column (a), enter only the EIN of the QO
Fund into which you invested. In column
(b), enter the date you invested in the QO
Fund. Leave columns (c), (d), and (e)
blank. Enter code “Z” in column (f) and the
amount of the deferred gain as a negative
number (in parentheses) in column (g).
You should see your working refund numbers in TurboTax increase according to your capital gains rates.
With the overrides, you will of course need to file manually.
I hope this helps!
- Paul
I have the same question / issue ... Does TT allow me to defer capital gains for Opportunity Zone investments?
Unfortunately, Form 8997 isn't supported in TurboTax 2020, and this is the form that's used to inform the IRS of the QOF investments and deferred gains held at the beginning and end of the current tax year, as well as any capital gains deferred by investing in a QOF and QOF investments disposed of during the current tax year.
Any official statement from TT on this for 2020 or even 2021?
@alphacharlie wrote:
Any official statement from TT on this for 2020 or even 2021?
Yes. Item 29 on the list of unsupported calculations.
https://digitalasset.intuit.com/DOCUMENT/A6QrdFCgW/010421-2020-unsupported-calcs-L1FQfTTgn.pdf
And form 8997 is not in the list of supported forms.
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