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B
baco
March 13, 2021
Question

I purchased a Qualified Opportunity Zone fund using cap gains distributions. How do I account this in Turbo Tax (see form 8996)?

  • March 13, 2021
  • 1 reply
  • 0 views
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    1 reply

    L
    linaj20201
    March 18, 2021

    TurboTax does not support the Form 8996, unfortunately.  

     

    You can download the form from the IRS.  Click here:  https://www.irs.gov/forms-pubs/about-form-8996

     

    You would use Form 8996 to certify that the corporation or partnership is a qualified opportunity fund (QOF).  It is also used to annually report whether the QOF met the investment standard during its tax year.  

    C
    csmith102462
    March 24, 2021

    Form 8996 is the tax form for the corporation or LLC established to invest in an Opportunity Zone.  How does an individual taxpayer defer capital gains tax on form 1040 for investments made into the Opportunity Zone corporation or LLC during 2020 tax year?

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