form 8997

[LWilliams]

Where on form 8997 do you show gains deferred on the 2018 return?

[George4Tacks]

Part I, columns d & e.
When all else fails, read the instructions - https://www.irs.gov/pub/irs-pdf/f8997.pdf

[LWilliams]

I am very familiar with those instructions.  Part II instructs you to enter current year capital gain deferrals.  My question is in regard to a 2019 investment into an Opportunity Fund that was used to defer capital gain on the 2018 tax return.  The investment was not in place at the beginning of the year, so it doesn't go on Part I, but it wasn't used to defer a 2019 capital gain, so per the instructions, it wouldn't go on Part II.  It does need to be included on Part IV.  I have currently put it on Part II, but that doesn't really tie to my return.

[dsharmat]

I am having the same issue...did you ever find resolution?  Thanks!

[sjrcpa]

Should it have been reported on the 2018 tax return?

[AL04]

Do you have any resolution about completing Form 8997 with 2018 deferred capital gain?  I have similar situation.

Taxpayer realized capital gain in 2018 from a partnership interest and made an investment in a QOZ fund in June 2019 (within 180-day after 12/31/18) and took a capital gain deduction in 2018 on Schedule D/Form 8949.  In completing the 2019 Form 8997 (which is a new form for starting 2019), should this transaction be reported in Part I Total QOF investment holdings at the beginning of tax year with the date QOF investment acquired in June 2019 OR should it be reflected in Part II current tax year capital gains deferred by investing in QOF?

Any clarification and insight would be greatly appreciated!  Thank you!

[LWilliams]

 I could find no guidance on this anywhere. I put the investment that was used to defer 2018 gain in Part I with an acquisition date of June 2019. I guess we will see how that works out.

[AL04]

Okay.  Thank you for your advice!