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Who needs to file Form 8997?

An eligible taxpayer holding a QOF investment at any point during the tax year must file Form 8997 with the taxpayers timely filed federal income tax return (including extensions). Form 8997 - IRS IRS (.gov) pub f8997accessible IRS (.gov) pub f8997accessible PDF

What is the difference between Form 8996 and 8997?

Form 8996 is filed by the QOF and its investments in the QOZ property, while Form 8997 is filed by the eligible taxpayer, as it relates to the investment of the capital gain proceeds into the QOF. New Draft Form 8997 and Qualified Opportunity Zone CBIZ blog category ne CBIZ blog category ne

Which tax software has Form 8997?

Note: Per the 8949 Instructions, If you elect to defer tax on an eligible gain by investing in a QOF, you will also need to complete Form 8997. Form 8997 is available in Drake Tax. Opportunity Zones and Qualified Opportunity Funds - Drake Software drakesoftware.com Site Print15713 drakesoftware.com Site Print15713

How are Opportunity Zones taxed?

If an investor keeps their money in an Opportunity Fund for at least 5 years prior to December 31, 2026, they will reduce their deferred capital gains tax liability by 10%, while if they keep funds in for seven years before that date, they can reduce their tax bill by 15%.

What happens if you dont file Form 8997?

Failure to file accurate Forms 8996 and/or 8997 could result in the disqualification of the investment, which could make QOF investors liable for back taxes on improperly deferred capital gains and/or ineligible for 10-year exclusion benefits. IRS sending letters to some qualified opportunity funds and Ernst Young news 2022-0613-irs-sendin Ernst Young news 2022-0613-irs-sendin

What is IRS form 8997?

Use Form 8997 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.

What is IRS form 8996?

A corporation or partnership uses Form 8996 to docHub that it is organized to invest in QOZ property. In addition, a corporation or partnership files Form 8996 annually to report that the QOF meets the 90% investment standard of section 1400Z-2 or to figure the penalty if it fails to meet the investment standard.

How do I report an Opportunity Zone Fund on my taxes?

You must file annually Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments with your timely filed federal tax return (including extensions).

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