Investment in QOZ - Need to Amend 2018? - Spidell

Investment in QOZ – Need to Amend 2018?

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Message Board Investment in QOZ – Need to Amend 2018?

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      Danny Stumpf

      Client told me they invested $100k into a QOZ in 2018 (marking the specific gains on his realized gains and loss statement) and we reported it as such on his federal return. In working on his 2019 return, he discovered there was an additional $56k in another brokerage account (and to a different QOZ) he didn’t tell us about as it wasn’t deposited into the QOZ until early 2019 (it was within the 180 days). I think he should have told us about this for his 2018 federal tax return. I think I need to amend his 2018 federal tax return to reduce his gains by the $56k. Or, would the following be allowed?

      He also put an additional $175k in 2019. If he has gains of over $226k in 2019, can we just report the $56k with the 2019 return? I don’t think we can, however I’m unsure.

      Do we have to amend his 2018 return?

      All comments are appreciated.

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