Get the free Form 8996

8996Form (Rev. January 2021) Department of the Treasury Internal Revenue ServiceQualified Opportunity Fund Go to www.irs.gov/Form8996 for instructions and the latest information. Attach to your tax

How to fill out form 8996

How to fill out form 8996

1. To fill out form 8996, follow these steps:
2. Begin by entering your business information in Part I. This includes the legal name of your business, address, and Employer Identification Number (EIN).
3. In Part II, provide details about your Qualified Opportunity Fund (QOF). This includes the QOF's name, address, and EIN.
4. Indicate the tax year you are filing for in Part III.
5. Complete Part IV by providing information about the investments held by your QOF. This includes the date of the investment, the amount invested, and any capital gains being deferred.
6. If your QOF is organized as a corporation or partnership, complete Part V by providing additional ownership information.
7. In Part VI, provide information about any subsidiary partnerships or corporations held by your QOF.
8. Review your form for accuracy, sign and date it, and attach any required schedules or supporting documentation.
9. Keep a copy of the completed form for your records.
10. Submit the form to the appropriate tax authority according to their instructions.

Who needs form 8996?

1. Form 8996 is needed by businesses or individuals who have established a Qualified Opportunity Fund (QOF) and wish to report their investments in Opportunity Zones for tax purposes.
2. It is specifically required for QOFs that need to certify their eligibility to defer tax on capital gains and meet the requirements of the Opportunity Zone program.

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What is form 8996?

Form 8996 is a tax form used by entities to self-certify as Qualified Opportunity Funds (QOFs), enabling them to offer tax benefits for investments in designated Opportunity Zones.

Who is required to file form 8996?

Entities that intend to operate as Qualified Opportunity Funds must file Form 8996 to self-certify their status.

How to fill out form 8996?

Form 8996 must be filled out by providing information about the fund, including its name, address, and the names of its partners or members, as well as confirmation that it meets the allocation and investment requirements.

What is the purpose of form 8996?

The purpose of Form 8996 is to determine whether an entity qualifies as a Qualified Opportunity Fund, which allows it to offer tax incentives to investors who invest in eligible Opportunity Zones.

What information must be reported on form 8996?

Form 8996 requires reporting of the fund's name, address, a statement of its organization as a QOF, the location of its investment, and compliance with the 90% investment standard.