• Published December 9, 2020

The IRS is Sending Letters to Taxpayers that May Need to Take Action Related to Qualified Opportunity Funds

Today, the IRS announced that taxpayers who attached or indicated they attached a Form 8996 to their return may receive Letter 6250, Self-certifying as Qualified Opportunity Fund (QOF). In addition, taxpayers may receive Letter 6251, Reporting Qualified Opportunity Fund (QOF) Investments, notifying them they may not have properly followed the instructions for Form 8949, Sales and other Dispositions of Capital Assets or do not appear to have an eligible gain that would enable them to make a valid deferral election for gains invested in a QOF.

To learn more about the Cresset-Diversified QOZ Fund or to share a Qualified Opportunity Zone investment opportunity, contact us below.