You would have to file an amended tax return to make the election. Of course, you must still meet all the required criteria, including the 180-day rule, for investing the amount of gain you wish to defer into a Qualified Opportunity Fund.
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How can I elect to defer tax on a gain if I have already filed my tax return?
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Amend the return.
By amending it, although you need to make sure you're compliant with the rules and regulations regarding deferral. Note you also extend the statute of limitations and nearly guarantee a human being will review the return, so make sure there's nothing else on it that might be subject to challenge.
This will depend in part on the timing of the original gain.
You would have to amend your return. Check with your accountant on the logistics and timing of that amendment.
I believe that you can amend your tax return to elect to defer the gain. Has your window for the 180-day period for QOF investment already passed?
I am not sure. I would think you could file an amended return, provided that you still can satisfy the timing requirements for a QOF investment. However, I would need to further review the issue.
File an amended return.
File an amended return.
You could file an amended return and elect deferral. It is important that you must be within the 180 days to make the investment in a QOF.
According to the Opportunity Zone FAQs on the IRS website, you can file an amended tax return to make an election to defer a capital gain if you already filed your tax return, including the gain in income. For an individual, the Form 1040X should be used to file the amended tax return and Form 8949 should be attached to the amended return.
I'm honestly not sure. You would have to amend the return as a starter. This is a good question for your CPA.
Simply amend your return and claim the deferral in the amended return.
This question is probably best directed to your accountant. Assuming this is in the context of a QOZ project you are considering, your accountant's likely response will be to amend your return.
File an amended return
If you are within the 180 days to invest, you may amend your return and elect to defer.
If you are within 180 days of your capital gain event from late 2018, you can still invest in a QOF and defer that tax. If you reported the capital gain on April 15, but subsequently made a QOF investment to defer the gain, you would simply amend your 2018 tax return to reflect the QOF investment.
I think you can file an amended return, but that is a question better directed to a tax attorney than to me.
Amend your tax return and file IRS Form 8949 to elect deferral.
If your investment was made within the 180-day period allowed for your particular gain, your tax return could be amended to reflect the appropriate deferral.
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