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Will the new Form 8997 for reporting opportunity zone funds be supported by Lacerte in the individual module? I don't see any indication it will.
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Welcome to the community and thank you for posting your first question. It does appear that this form is in the works for Lacerte and our development is currently working on it. There is no estimated time when it will be available. The site that @itonewbie posted is a great one to bookmark to see when forms will be available (currently I do now see that the 8997 is listed).
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The website for checking form status is down now but it should be published by the end of the month: https://lfs.intuit.com/#/s/US/I
The form is also included in ProSeries Basic, so there is little reason why it wouldn't be in Lacerte.
Still an AllStar
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Welcome to the community and thank you for posting your first question. It does appear that this form is in the works for Lacerte and our development is currently working on it. There is no estimated time when it will be available. The site that @itonewbie posted is a great one to bookmark to see when forms will be available (currently I do now see that the 8997 is listed).
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Do you know what failure to file form 8997 in 2019 would cause if a client had significant amounts of gain deferred in 2018?
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Do you know what failure to file form 8997 in 2019 would cause if a client had significant amounts of gain deferred in 2018? I just noticed i did not file one in 2019 for a client as i was doing their 2020 extension.
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Thanks for stopping by the community. Let me see if any of our Community Champions would be able to help... @itonewbie @sjrcpa @George4Tacks Would any of you be able to assist?
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@Kathi_at_Intuit itonewbie doesn't come here anymore. He was driven away.
And I'm not a Champ. I declined the "offer" because of the strings.
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@TUCK If you correctly reported the deferral in 2018 and file 8997 for 2020, I would not worry about the omitted 2019 8997.
I do not see a penalty for this form and it was new in 2019.
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@sjrcpa Thank you for letting me know and thank you very much for answering!