Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Opportunity zone deferral in Proconnect

taxesrhard
Level 1

I need some help.  My client has some gains in 2021 that were then invested in a QOF.  A portion of the gains were from stock gains that were reported on 8949 and then Schedule D.  I had no trouble deferring that gain into the OZ.  Completing the 8997 was also fairly easy once I tried it.

The problem is trying to defer the K1 gain (sec 1231) from a partnership that ended.  This gain goes to 4797, and then to Schedule D line 11.  I cannot figure out a way to offset the gain and apply the code and make it flow to the return.  I tried a solution that I found online, but this was a solution for Lacerte.  Following the steps did not work.  I really need a solution.  I appreciate any help that I can get.

0 Cheers
1 Comment 1
George4Tacks
Level 15

In https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/opportunity-zone-gain-def...

The solution would seem to be to ignore the gain reported on the K-1 input and just input it as a separate sale from "Partnership XYX" just like the other one you seem to have successfully done. 


Answers are easy. Questions are hard!