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Qualified Opportunity Funds (QOF)

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Level 3

A client sold some stocks to invest in a QOF.  He was told that he should be able to defer the gains.  I can't seem to fill out the forms correctly to make this happen.  I have the numbers for long/short term gains.  I know what was invested in these funds (more than the gains combined).  

I've tried clicking the box (and not clicking the box) on the schedule D regarding QOF.  

I've tried filling out Form 8997.  I have the fund name, EIN, amount invested, etc.  I tried using both the amount invested number and the long/short term gain number on this form.  

Has anyone done this before.  Nothing I do is making a difference.  I feel like there must be something simple I am missing.  I have read the form instructions and the FAQ from the IRS website.  

Thanks for your help. 

--Amy

 

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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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4 Replies 4
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Level 3

Just had a thought??? Perhaps I am not supposed to list the sale on schedule D at all, just keep them recorded on the QOF form?  If that is the case, do I keep the amount invested or just the gain deferred?

Or???

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Level 15

 It is supposed to be shown on Sch D. It gets deferred by showing some Code. I don't use ProSeries so I can't help with the input.


ex-AllStar
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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?

View solution in original post

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Level 3

Thank You!

I didn't see that the quick zoom had the QOF option.  Now, I'm getting somewhere!