- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
where does the tax deferreal from form 8997 go on the tax return. I did not automatically flow thru and I don't see where to put it
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
when you are deferring gain do not report the 1099-B on schedule D. Use 8949 to report, and go all way down to bottom to report you are deferring gain invested in QO fund. At top check box that you did not receive 1099-B (even if you did)
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I can't see where I report the gain on an investment into an opportunity fund and how that flows thru I think I filled out the 8949 and 8997 correctly, but nothing went to the return
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I filled as as you said, but nothing carried forward to Schedule D regarding the deferred gain
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
When you are deferring the gain you don't use schedule D, as you are not going to pay the capital gain, but are deferring it. That is what the 8997 is for, as that is the form you and the IRS keeps track of the gain you reported that will be deferred
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I will appreciate any help re: how to get Lacerte to generate the From 8997. In my case Form 8997 does not populate! I entered the data for the deferral of gain to the QOF. Lacerte computed the deferral and shows it on Form 8949 under Box F checked. i.e., LT Transaction not reported on Form 1099-B. With Code Z. Elect to postpone the gain for investment in QOF. But Lacerte still does not populate the Form 8997.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You also have to go to screen 91 and enter information regarding the Opportunity Fund Investment