Form 8997

Forum|Forum|6 years ago
January 22, 2020
2 replies
19 views

Will the new Form 8997 for reporting opportunity zone funds be supported by Lacerte in the individual module? I don't see any indication it will.

Lacerte Tax

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Best answer by Kathi_at_Intuit

Welcome to the community and thank you for posting your first question. It does appear that this form is in the works for Lacerte and our development is currently working on it. There is no estimated time when it will be available. The site that @itonewbie posted is a great one to bookmark to see when forms will be available (currently I do now see that the 8997 is listed).

itonewbie

Level 15

The website for checking form status is down now but it should be published by the end of the month: https://lfs.intuit.com/#/s/US/I

The form is also included in ProSeries Basic, so there is little reason why it wouldn't be in Lacerte.

---------------------------------------------------------------------------------Still an AllStar

T

TUCK

Level 2

Do you know what failure to file form 8997 in 2019 would cause if a client had significant amounts of gain deferred in 2018? I just noticed i did not file one in 2019 for a client as i was doing their 2020 extension.

Kathi_at_Intuit

Answer

Moderator

Welcome to the community and thank you for posting your first question. It does appear that this form is in the works for Lacerte and our development is currently working on it. There is no estimated time when it will be available. The site that @itonewbie posted is a great one to bookmark to see when forms will be available (currently I do now see that the 8997 is listed).

**Click the 👍Thumbs up icon to say thanks on a post, and click Best Answer to mark the post that answered your question.**

T

TUCK

Level 2

Do you know what failure to file form 8997 in 2019 would cause if a client had significant amounts of gain deferred in 2018?

Kathi_at_Intuit

Moderator

Thanks for stopping by the community. Let me see if any of our Community Champions would be able to help... @itonewbie @sjrcpa @George4Tacks Would any of you be able to assist?

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