Page 120 - Small Business IRS Training Guides

Slide 15 – Poll Question

Poll Question

True or False

Taxpayers may elect and report the election for
short-term and long-term capital gains invested
in the same QOF on the same day as one sum
on Form 8949?

 True
 False

15

Slide 16 – Tax Benefit if Held Longer than 5/7 Years

Tax Benefit if Held Longer than 5/7 Years

 Investment held at least 5 years
 the basis of such investment is increased by
10% of the amount of the deferred gain.

 Investment held for more than 7 years
 the basis of such investment is increased by an
additional 5% of the amount of the deferred
gain.

16

Student Guide Tax Cuts and Jobs Act (TCJA) – Opportunity Zones
73083-602 F-8 05/2019