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Form 8997

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Level 2

My client invested in more than one QOF in 2019 but the total line only includes the entry on the first line. The total does carry to the Form 8949 for the total deferral of gain, however.

If I override I get a message that the return may not be able to be 3-filed.

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2 Replies 2
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Level 8

For the record, I've never done this type of transaction but I do use ProSeries Professional. From what I see.... if you select the Schedule D there are two QuickZoom options. The second is for your QOF transaction. Part I line 3 has a check box that needs selected - then your QOF transactions needs entered in Part VIII. Is that how you entered?

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Level 2

Yes, that's how I entered. Also, I just think that ProSeries needs to work on this new Form 8997 because another thing I noticed is that it didn't carry forward last year's QOF gain deferral information which needs to be reported on the form. Also, the names of the QOF's did not get transferred correctly to the form. I will see if I can contact their customer service...