nwempe
Level 3
06-21-2021
03:42 PM
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I know how to enter the QOF deferred gains but I was wondering are people treating these deferred gains as M-1 items or what?
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sjrcpa
Level 15
06-21-2021
04:13 PM
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Yes. Income on books not on tax return.
What else were you thinking?
Ex-AllStar
nwempe
Level 3
06-22-2021
09:43 AM
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That is what I was thinking but a co-worker disagreed. It also has to be reflected on the Schedule M-2 then. My deferral shows up on the M-2 as a LT Capital Loss is that correct?
sjrcpa
Level 15
06-22-2021
12:56 PM
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1065 or 1120? If it's handled through M-1 there shouldn't be a need for an M-2 item, since it will be in Book Income.
Ex-AllStar