How can I/do I need to file form 8997?

[niko11]

I’m going to print and mail in all my returns (include the f8997 even though the rest of my return doesn’t reference it). Which is unfortunate; it would be nice to e-file especially with the IRS so backed-up. 

[mike4121212]

I was thinking of doing that but I think the problem is how do you do the deferral of the capital gains, you would need to redo all the numbers to make it work I think.   Turbotax will calculate it all without the cap gains deferal which means all the numbers will be wrong.

[niko11]

IIRC - last year I clicked on forms in TurboTax and edited the fields manually to adjust my capital gains in 2020. This year I don’t need to edit anything as I’m not deferring any additional capital gains from 2021. But according to the IRS f8997 instructions, I still need to file 8997 and report my gains from 2020 in Part IV. 

[kennethjwu]

this was exactly what I did last year - very painful experience having to sync up everything since Turbotax did not support F8997.  and had to print out the entire return and filed manually.  This year, I am looking for any other software that support 8997. any recommendation?  thanks

[kennethjwu]

what I did last year is to manually removed all capital gain that would be deferred due to QOF, so that turbotax would not include them in the tax computation - a nightmare!

[user322]

I ended up switching to TaxAct, which supports it. 

[mike4121212]

I hope someone from Intuit monitors this forum and sees all the customers they are losing because they wont add this simple form.

[lorenrex]

If I understand correctly using TaxAct or TaxSlayer Pro, they include form 8997 but I would lose the ability to import 1099-B transactions which are in are in the hundreds of transactions.  Is it correct that these programs don't import 1099-B data?

[Turb022]

If I file an extension, can I delay the filing of Form-8997 as well?

[lorenrex]

It makes sense that all forms are extended with filing an extension.  You just want to make sure you make a payment if needed so you don't owe any money when filing a return after the April tax deadline to avoid penalties.

[JohnW152]

Yes, you can.

According to Who Must File in the Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments instructions:

An eligible taxpayer holding a QOF investment at any point during the tax year must file Form 8997 with the taxpayer's timely filed federal income tax return (including extensions). 

[Bolding mine.]

@Turb022

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[Turb022]

Thanks. Generally speaking, 8997 (on its first filing) serves more as a tax deferral mechanism.

[Burientaxman]

Your sure TaxSlayer can efile the form?  I use TaxSlayer in a public service gig and don't see it listed.

Stephen

[Anonymous_]

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@Burientaxman wrote:

Your sure TaxSlayer can efile the form?  I use TaxSlayer in a public service gig and don't see it listed.

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Do you use TaxSlayer or TaxSlayer Pro? There is a difference, and you should contact TaxSlayer customer support for this question in order to get a definitive answer.

[DXS]

I have the same tale of woe as the rest of you.  I had to leave TurboTax due to their refusal to support the form 8997.  I went to TaxActOnline in 2020.  At the time it was the only one I could find that would support the Form 8997.  They do a good job, but their software is written very high level.  You have to know what you are doing.  I have an accounting degree and even I had to resort to searches and finally calling Customer Support to figure out how to get to the Form 8997.  On your initial investment, you fill out your Capital Gains, and then you have to "code" a gain as Z to get it to go to Form 8997  But getting the code Z to appear on the drop down menu was a royal pain. Then, in subsequent years, getting the opening and closing balance to appear is a bit of a pain. 

I did some googling and I found that now TaxSlayer Pro is supporting the Form 8997.  I don't know about their service.