Three OZ Tax Forms You Need to Know

March 17, 2020

Initiated by the 2017 Tax Reform bill, Qualified Opportunity Zone Funds were created to encourage economic development in thousands of low-income areas across the United States and have unique tax-advantaged structures. As Opportunity Zone’s are a relatively new financial device – new tax forms are provided to account for them. See below for three new OZ-related tax forms to know and links to the full IRS.gov instructions for completing these forms:

  • Form 8996 – New IRS form. Only file if you are creating your own OZ fund.
     
  • Form 8949 – This is part of a the larger Schedule D. Designates the capital gains deferred for an OZ investment. Capital gains designated for deferral into an OZ are denoted with a code ā€œZā€.
     
  • Form 8997 – New IRS form. Discloses all OZ investment holdings, additions, and dispositions during the relevant period.

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