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Level 1

Question

Form 8996

Forum|Forum|5 years ago
July 8, 2020
1 reply
0 views

I invested capital gain from selling a piece of property in the Opportunity Zone. How I file form 8996 for the deferred gain?

Thanks,

Employee Tax Expert

Employee Tax Expert

This form is not supported within TurboTax. You will need to complete the form on your own and mail it in with your tax return.

Forms release dates

Please see the following links for the instructions and the blank form.

Form 8996 instructions

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Level 2

I am very confused. I received a Form 8996 from one of my investments as well. Per IRS Form 8996 instructions, this form is to be filed by a corporation or partnership:

Who Must File
A corporation or partnership that is organized and operated as a QOF must
file Form 8996 annually with one of the following tax returns, as applicable.
• Form 1120, U.S. Corporation Income Tax Return.
• Form 1120-F, U.S. Income Tax Return of a Foreign Corporation. A QOF organized in a U.S. possession is
eligible to attach Form 8996 to its Form 1120-F.
• Form 1120-REIT, U.S. Income Tax Return for Real Estate Investment Trusts.
• Form 1120-RIC, U.S. Income Tax Return for Regulated Investment Companies.
• Form 1120-S, U.S. Income Tax Return for an S Corporation.
• Form 1065, U.S. Return of Partnership Income.

So the form I received is already completed and filed by the partnership. I received it along with my Schedule K-1. Do I need to file form 8996 with my personal tax returns at all? It does not seem relevant.