Greetings,

I had an Individual client defer gains into a Qualified Opportunity Zone in 2018 that were passed through via a Partnership K-1

I did not complete form 8997 in 2019 to report the beginning and ending balances.

Does anyone know what the affect would be? The forms instructions simply say that failure to file the form may lead to an "inclusion event" i.e. the deferral would then become taxable immediately if not reported on the 8997.

Can an amendment be done to the return if there are adverse consequences?

I am trying to finish the client's 2020 tax return and just noticed the mistake.

Please help,

Best,

ZT