If you meet all of the qualifications related to the 180-day reinvestment period, you will need to amend your return to report the gain deferral on Form 8949 as well as complete the initial Form 8997.
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Can I still defer tax on capital gain I invested in a QOF since I have already filed my 2021 tax return?
Answers
To my knowledge, it is permissible to amend your return to report a timely deferral into a Qualified Opportunity Fund (QOF).
You can if the event triggering the capital gain was in the last 180 days.
If all requirements are met, you could amend your return and make the election.
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