How do I enter the sale of a Qualified Opportunity Fund?
Menu Path: Income > Common Income > Investments and Savings (1099-INT/DIV/B/DA)
Enter your Qualified Opportunity Fund (QOF) sale in the Your Investment and Savings Accounts section as an other investment sale.
As you enter your QOF as an other investment sale you'll enter the gain you originally deferred when you bought the QOF. No matter how long you held the QOF your deferred gain retains its character (short-term or long-term).
If you've held your QOF for more than 5 years you may qualify for an increase in basis. This would reduce your taxable gain. See 8997 Instructions for more information.
Enter your Qualified Opportunity Fund (QOF) sale in the Your Investment and Savings Accounts section as an other investment sale.
As you enter your QOF as an other investment sale you'll enter the gain you originally deferred when you bought the QOF. No matter how long you held the QOF your deferred gain retains its character (short-term or long-term).
If you've held your QOF for more than 5 years you may qualify for an increase in basis. This would reduce your taxable gain. See 8997 Instructions for more information.
