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nwempe
Level 4
June 21, 2021
Question

QOF deferred gains

  • June 21, 2021
  • 1 reply
  • 6 views

I know how to enter the QOF deferred gains but I was wondering are people treating these deferred gains as M-1 items or what?

 

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1 reply

sjrcpa
sjrcpa
Level 15
June 21, 2021

Yes. Income on books not on tax return.

What else were you thinking?

The more I know the more I don’t know.
N
nwempeAuthor
Level 4
June 22, 2021

That is what I was thinking but a co-worker disagreed.  It also has to be reflected on the Schedule M-2 then.  My deferral shows up on the M-2 as a LT Capital Loss is that correct?

sjrcpa
sjrcpa
Level 15
June 22, 2021

1065 or 1120? If it's handled through M-1 there shouldn't be a need for an M-2 item, since it will be in Book Income.

The more I know the more I don’t know.
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