IRS Posts Updated Early Release Draft of OZ-Related IRS Form 8997

Monday, October 12, 2020 - 8:15am

The Internal Revenue Service (IRS) posted an early release draft of IRS Form 8997–initial and annual statements of qualified opportunity fund (QOF) investments–and its instructions. There are several proposed changes to the form, including a new column for special gain code in all four parts of the form, the addition of foreign eligible taxpayer questions in Part II and others. The form is not to be used for filing, but is provided for information and feedback.

The updated form and other opportunity zones (OZ) issues will be discussed at the Novogradac 2020 Opportunity Zones Fall Virtual Conference, Oct. 22-23.