IRS Releases Draft of Instructions for OZ-Related Tax Forms

Wednesday, October 2, 2019 - 9:45AM

The Internal Revenue Service this week released drafts of instructions for two tax forms associated with the opportunity zones incentive. A draft of Form 1099-B for 2020 and instructions address proceeds from broker and barter exchange transactions. The draft form adds a box for brokers to check if proceeds received are from the sale of an interest in a qualified opportunity fund (QOF) and adds that a broker who must file Form 1099 must also furnish a statement to the recipient. A draft of 2019 Form 1040 (Schedule D) and instructions covers capital gains and losses. The draft includes new instructions for the disposal of a QOF investment and adds a reference to use Form 8997 to report dispositions in QOF investments.

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