QOF deferral entry

Forum|Forum|5 years ago
May 25, 2021
4 replies
20 views

I have a client that sold stock and is deferring the gains to his partnership which was set up for a Qualified Opportunity Fund. I've entered everything correctly. The gains have been deferred, but on Schedule the deferral is showing up as a loss. So the return shows a $3,000 capital loss deduction. Also on Form 8949, it does not show the gain with the offset of the deferral, just the adjustment of the deferral. If I mark the box that this is a 4797 transaction, it shows up correctly, but it's not a 4797 transaction. It wasn't property sold, it was Capital Asset (Stocks). How do I fix this?

Elli

ProSeries Professional

This topic has been closed for replies.

sjrcpa

Level 15

"It wasn't property sold, it was Capital Asset (Stocks)"

Um, stock is property.

The more I know the more I don’t know.

Just-Lisa-Now-

Intuit Community Champion

This post has been deleted.

little spam mixed into that answer?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

E

ElliAuthor

Level 2

This post has been deleted.

this is not Section 1231 property. Which according to IRS is real or depreciable property. It is cash or the gains from the sell of stock. So it should not be reported on Form 4797.

sjrcpa

Level 15

Correct. But your OP said it wasn't property, not that it wasn't 1231 property.

The more I know the more I don’t know.

S

SPENCERHOS

Level 2

I have the same problem as Elli. I have followed this thread and do not see the answer. Help

Skylane

Intuit Community Champion

If you can’t get the deferral to calculate correctly, try tech support. Maybe they know something…. However,It’s a new workflow so it may be broken (pretty common with new workflows)… if you need a work around try making an adjustment of the deferral amount(s) so the return calculates properly, and put an explanation in preparer notes. Track the deferrals manually.

If at first you don’t succeed…..find a workaround

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