It’s officially tax season, and properly claiming your Qualified Opportunity Fund (QOF) tax benefits when filing with the IRS is essential. The tax advantages of a QOF investment can be significant, but they need to be correctly reported to the IRS. To make this process easier, I’m pleased to share a valuable tax information resource from Park View OZ REIT, specifically designed to simplify tax season for QOF investors and provide guidance on navigating the necessary forms.
When claiming your QOF tax benefits, there are a few key steps to keep in mind:
- Report your QOF investment on Form 8949 – This form must be filed whenever you sell an asset. On this form you would record your original capital and then record the QOF purchase to defer the capital gain realization.
- File Form 8997 annually – Each year that you hold a QOF investment, you’re required to submit this form to the IRS to report any QOF holdings and any changes to your investment.
Fortunately, both forms 8949 and 8997 are relatively brief and straightforward. To make things even easier, our Tax Form Information Page consolidates all essential tax filing resources into one convenient location. This resource includes:
☑️ Direct links to the required IRS forms
☑️ Step-by-step filing instructions in both written and video form
☑️ Answers to frequently asked questions
☑️ The name and EIN number of the QOF for reference
If you’re an investor with Park View OZ REIT, you’ll find everything you need right on this page, helping to streamline the filing process.
And if you’re concerned about missing out on tax benefits due to past filing omissions or errors, don’t worry—QOF regulations allow for amendments to prior tax returns, so you may still have the opportunity to claim benefits from previous years.
This resource is designed to help investors, tax professionals, and advisors navigate QOF-related tax filings with confidence. Please feel free to share this information with your network and don’t hesitate to reach out if you or your clients have any questions. We’re committed to providing the support you need throughout every step of the tax filing process.
Materials provided by Park View OZ REIT or our affiliates have been prepared for informational purposes only and are not intended to provide or be relied on for tax, legal, or financial advice. You should consult your own tax and legal advisors before engaging in any transaction.