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QOF deferred gains

nwempe
Level 2

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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3 Replies 3
sjrcpa
Level 15

Yes. Income on books not on tax return.

What else were you thinking?


ex-AllStar
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nwempe
Level 2

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?

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sjrcpa
Level 15

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
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