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Qualified Opportunity Zone

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Level 3

Not getting clear direction but I surmise:

1. Sale of rental property gain deferred into a QOZ cannot be entered in the related depreciation screen (Screen 22). The sale must instead be reported in the screen for dispositions (Screen 17). Is this correct?

 

2. Gain passed through from S corp (screen 20). I haven't figured out a way yet to get this deferral reported on Form 4797, or Form 8949.  A clear answer here would be really great.

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Level 15

@Ember123 wrote:

Not getting clear direction but I surmise:

1. Sale of rental property gain deferred into a QOZ cannot be entered in the related depreciation screen (Screen 22). The sale must instead be reported in the screen for dispositions (Screen 17). Is this correct? Yes, there is a section right above the Form 4797 area.

 

2. Gain passed through from S corp (screen 20). I haven't figured out a way yet to get this deferral reported on Form 4797, or Form 8949.  A clear answer here would be really great. I am unsure, but my guess is that you would enter it as a separate entry in Screen 17 with "From K-1" or a description you would get from the K-1. This would then be just like the first answer.

Maybe @IntuitBettyJo could get some resolution and maybe a help article for dealing with these two issues. 


 


ex-AllStar
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Level 3

Lacerte called me yesterday and said to leave the sale in the depreciation screen and just enter the deferral in the disposition screen. Same technique with the pass through entity screen. I think I will do nothing right now and see what develops. This should be a fairly common issue across the Country.

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