I have have losses from 2020 and capital gains from 2021. If I invest the 2021 gains in an opportunity zone fund, will those gains still be deferred? Or do 2020 losses offset 2021 gains?
An investor can invest the gross amount of his gains in a Qualified Opportunity Fund (QOF) in any year (not the net amount). In your example, yes, the 2021 gains can be invested in a QOF, regardless of the availability of losses (even if they were 2021 losses and not just carried over losses from 2020).
The gains are still deferred. You don't need to use the losses to offset the gains; you may continue to carry them forward, but be mindful of any time limits that might apply to the loss carry-forwards.
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