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Opportunity Zone - Initial tax return

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    Opportunity Zone - Initial tax return

    Client is a partnership with a December 31 year end. 2018 is the initial year of the client with some activity related to initial capital contribution in Dec 2018. The investment into the Opportunity zone takes place in 2019. What disclosure if any does the client have in 2018 related to the Opportunity Zone election. Does he have to file Form 8996 in 2018?

    #2
    What have you read so far in the form 8996 instructions that led to your question ?

    https://www.irs.gov/newsroom/opportu...sked-questions
    Last edited by TAXNJ; 08-06-2019, 11:31 AM.
    Always cite your source for support to defend your opinion

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      #3
      The instructions in the 8996 do not indicate that I need to file the 8996 in 2018.

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        #4
        Originally posted by Florida_EA View Post
        The instructions in the 8996 do not indicate that I need to file the 8996 in 2018.
        So you have your answer?

        also form 8996 instructions provides examples that should help your question.
        Always cite your source for support to defend your opinion

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          #5
          I have my answer but wanted to confirm with someone else who has experience in this issue.

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