If you already filed your 1040 without completing Form 8997, you should amend your return to include this reporting.
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What happens if I don’t report an Opportunity Zone investment on my taxes?
Is there a penalty? How do I report it?
Answers
As a starting point, you will want to discuss with your accountant.
You'll probably need to both file an amended return and apply for so-called 9100 relief through a private letter ruling (PLR). Most OZ reporting, especially the initial deferral, must be done on a timely filed tax return.
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