IRS · Official form

Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments

Form 8997 is the investor-side opportunity zone form: it reports your QOF holdings, gains you deferred by investing, and any QOF interests you disposed of during the year. Fill in the official IRS PDF below and download it.

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What is 8997?

Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments, is filed by investors who hold qualified opportunity fund investments with deferred capital gains. It shows the QOF investments and deferred gains held at the start and end of the tax year, gains deferred during the year by new QOF investments, and QOF interests disposed of during the year.

Investors file it every year they hold a deferral, not just the year they invest. It works alongside Form 8949, where the original deferral election and any later inclusion of the deferred gain are reported.

Who files 8997?

Individuals who deferred capital gains by investing in a qualified opportunity fund
Corporations, partnerships, trusts, and estates holding QOF investments with deferred gains
Investors who disposed of all or part of a QOF interest during the year
Anyone who held a QOF deferral at any point during the tax year, even with no new activity

How to fill out 8997

List the QOF investments and deferred gains you held at the beginning of the year in Part I, including each fund’s EIN.
Report capital gains you deferred this year by investing in a QOF in Part II.
Report QOF interests you disposed of during the year in Part III, which generally triggers inclusion of the deferred gain.
Complete Part IV with the investments and deferred gains still held at year end.
Download the finished PDF and attach it to your timely filed income tax return along with any related Form 8949 entries.

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Page 1 74 fields

Name

Taxpayer identification number (TIN) (see instructions)

If different from last year's ending Q O F investment holdings, attach explanation. Row: 1. Column: (a) Q O F E I N.

Row: 1. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 1. Column: (c) Description of Q O F investment (for example, 100 shares or 25% interest).

Row: 1. Column: (d) Special gain code.

Row: 1. Column: Deferred gain held in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 1. Column: Deferred gain held in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 2. Column: (a) Q O F E I N.

Row: 2. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 2. Column: (c) Description of Q O F investment (for example, 100 shares or 25% interest).

Row: 2. Column: (d) Special gain code.

Row: 2. Column: Deferred gain held in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 2. Column: Deferred gain held in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 3. Column: (a) Q O F E I N.

Row: 3. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 3. Column: (c) Description of Q O F investment (for example, 100 shares or 25% interest).

Row: 3. Column: (d) Special gain code.

Row: 3. Column: Deferred gain held in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 3. Column: Deferred gain held in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 4. Column: (a) Q O F E I N.

Row: 4. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 4. Column: (c) Description of Q O F investment (for example, 100 shares or 25% interest).

Row: 4. Column: (d) Special gain code.

Row: 4. Column: Deferred gain held in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 4. Column: Deferred gain held in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 5. Column: (a) Q O F E I N.

Row: 5. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 5. Column: (c) Description of Q O F investment (for example, 100 shares or 25% interest).

Row: 5. Column: (d) Special gain code.

Row: 5. Column: Deferred gain held in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 5. Column: Deferred gain held in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

1. Enter the totals, if any, from continuation sheet. Deferred gain held in Q O F. (e) Amount of short-term deferred gain remaining in Q O

1. Enter the totals, if any, from continuation sheet. Deferred gain held in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

2. Enter the totals from columns (e) and (f). Deferred gain held in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

2. Enter the totals from columns (e) and (f). Deferred gain held in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Part I I. Current Tax Year Capital Gains Deferred by Investing in Q O F. Row: 1. Column: (a) Q O F E I N.

Row: 1. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 1. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 1. Column: (d) Special gain code.

Row: 1. Column: Deferred gain invested in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 1. Column: Deferred gain invested in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 2. Column: (a) Q O F E I N.

Row: 2. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 2. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 2. Column: (d) Special gain code.

Row: 2. Column: Deferred gain invested in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 2. Column: Deferred gain invested in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 3. Column: (a) Q O F E I N.

Row: 3. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 3. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 3. Column: (d) Special gain code.

Row: 3. Column: Deferred gain invested in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 3. Column: Deferred gain invested in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 4. Column: (a) Q O F E I N.

Row: 4. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 4. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 4. Column: (d) Special gain code.

Row: 4. Column: Deferred gain invested in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 4. Column: Deferred gain invested in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

Row: 5. Column: (a) Q O F E I N.

Row: 5. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 5. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 5. Column: (d) Special gain code.

Row: 5. Column: Deferred gain invested in Q O F. (e) Amount of short-term deferred gain remaining in Q O F.

Row: 5. Column: Deferred gain invested in Q O F. (f) Amount of long-term deferred gain remaining in Q O F.

1. Enter the totals, if any, from continuation sheet. Deferred gain invested in Q O F. (e) Amount of short-term deferred gain remaining in

1. Enter the totals, if any, from continuation sheet. Deferred gain invested in Q O F. (f) Amount of long-term deferred gain remaining in Q

2. Enter the totals from columns (e) and (f). See instructions for reporting on Form 8949. Deferred gain invested in Q O F. (e) Amount of

2. Enter the totals from columns (e) and (f). See instructions for reporting on Form 8949. Deferred gain invested in Q O F. (f) Amount of

You may not elect to defer tax on an eligible gain by investing in a Q O F unless you check “Yes” in response to the next question.

No. Skip the next question and go to Part I I I.

Report the deferral of the eligible gain in Part I I and on Form 8949.

Do not report the deferral of any otherwise eligible gain in Part I I or on Form 8949.

Page 2 69 fields

Page 2. Part I I I. Inclusion Events and Certain Other Transfers During the Current Tax Year. Row: 1. Column: (a) Q O F E I N.

Row: 1. Column: (b) Date of event (M M/D D/Y Y Y Y).

Row: 1. Column: (c) Description of event (for example, sale of 100 shares, gift of 25% interest, or distribution of $1,000, etc.).

Row: 1. Column: (d) Special gain code.

Row: 1. Column: Deferred gain included due to disposition of Q O F interest. (e) Amount of previously deferred short-term gain now included

Row: 1. Column: Deferred gain included due to disposition of Q O F interest. (f) Amount of previously deferred long-term gain now included

Row: 2. Column: (a) Q O F E I N.

Row: 2. Column: (b) Date of event (M M/D D/Y Y Y Y).

Row: 2. Column: (c) Description of event (for example, sale of 100 shares, gift of 25% interest, or distribution of $1,000, etc.).

Row: 2. Column: (d) Special gain code.

Row: 2. Column: Deferred gain included due to disposition of Q O F interest. (e) Amount of previously deferred short-term gain now included

Row: 2. Column: Deferred gain included due to disposition of Q O F interest. (f) Amount of previously deferred long-term gain now included

Row: 3. Column: (a) Q O F E I N.

Row: 3. Column: (b) Date of event (M M/D D/Y Y Y Y).

Row: 3. Column: (c) Description of event (for example, sale of 100 shares, gift of 25% interest, or distribution of $1,000, etc.).

Row: 3. Column: (d) Special gain code.

Row: 3. Column: Deferred gain included due to disposition of Q O F interest. (e) Amount of previously deferred short-term gain now included

Row: 3. Column: Deferred gain included due to disposition of Q O F interest. (f) Amount of previously deferred long-term gain now included

Row: 4. Column: (a) Q O F E I N.

Row: 4. Column: (b) Date of event (M M/D D/Y Y Y Y).

Row: 4. Column: (c) Description of event (for example, sale of 100 shares, gift of 25% interest, or distribution of $1,000, etc.).

Row: 4. Column: (d) Special gain code.

Row: 4. Column: Deferred gain included due to disposition of Q O F interest. (e) Amount of previously deferred short-term gain now included

Row: 4. Column: Deferred gain included due to disposition of Q O F interest. (f) Amount of previously deferred long-term gain now included

Row: 5. Column: (a) Q O F E I N.

Row: 5. Column: (b) Date of event (M M/D D/Y Y Y Y).

Row: 5. Column: (c) Description of event (for example, sale of 100 shares, gift of 25% interest, or distribution of $1,000, etc.).

Row: 5. Column: (d) Special gain code.

Row: 5. Column: Deferred gain included due to disposition of Q O F interest. (e) Amount of previously deferred short-term gain now included

Row: 5. Column: Deferred gain included due to disposition of Q O F interest. (f) Amount of previously deferred long-term gain now included

1. Enter the totals, if any, from continuation sheet. Deferred gain included due to disposition of Q O F interest. (e) Amount of previously

1. Enter the totals, if any, from continuation sheet. Deferred gain included due to disposition of Q O F interest. (f) Amount of previously

2. Enter the totals from columns (e) and (f). See instructions for reporting on Form 8949. Deferred gain included due to disposition of Q O

2. Enter the totals from columns (e) and (f). Deferred gain included due to disposition of Q O F interest. (f) Amount of previously

See the Instructions for Form 8949 for reporting requirements of any gain or loss.

Part I V. Total Q O F Investments Due to Deferrals at Year End (see instructions). Row: 1. Column: (a) Q O F E I N.

Row: 1. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 1. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 1. Column: (d) Special gain code.

Row: 1. Column: Deferred gain invested in Q O F investment. (e) Amount of short-term deferred gain invested in Q O F.

Row: 1. Column: Deferred gain invested in Q O F investment. (f) Amount of long-term deferred gain invested in Q O F.

Row: 2. Column: (a) Q O F E I N.

Row: 2. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 2. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 2. Column: (d) Special gain code.

Row: 2. Column: Deferred gain invested in Q O F investment. (e) Amount of short-term deferred gain invested in Q O F.

Row: 2. Column: Deferred gain invested in Q O F investment. (f) Amount of long-term deferred gain invested in Q O F.

Row: 3. Column: (a) Q O F E I N.

Row: 3. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 3. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 3. Column: (d) Special gain code.

Row: 3. Column: Deferred gain invested in Q O F investment. (e) Amount of short-term deferred gain invested in Q O F.

Row: 3. Column: Deferred gain invested in Q O F investment. (f) Amount of long-term deferred gain invested in Q O F.

Row: 4. Column: (a) Q O F E I N.

Row: 4. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 4. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 4. Column: (d) Special gain code.

Row: 4. Column: Deferred gain invested in Q O F investment. (e) Amount of short-term deferred gain invested in Q O F.

Row: 4. Column: Deferred gain invested in Q O F investment. (f) Amount of long-term deferred gain invested in Q O F.

Row: 5. Column: (a) Q O F E I N.

Row: 5. Column: (b) Date Q O F investment acquired (M M/D D/Y Y Y Y).

Row: 5. Column: (c) Description of interest acquired (for example, 100 shares or 25% interest).

Row: 5. Column: (d) Special gain code.

Row: 5. Column: Deferred gain invested in Q O F investment. (e) Amount of short-term deferred gain invested in Q O F.

Row: 5. Column: Deferred gain invested in Q O F investment. (f) Amount of long-term deferred gain invested in Q O F.

1. Enter the totals, if any, from continuation sheet. Deferred gain invested in Q O F investment. (e) Amount of short-term deferred gain

1. Enter the totals, if any, from continuation sheet. Deferred gain invested in Q O F investment. (f) Amount of long-term deferred gain

2. Enter the totals from columns (e) and (f). Deferred gain invested in Q O F investment. (e) Amount of short-term deferred gain invested

2. Enter the totals from columns (e) and (f). Deferred gain invested in Q O F investment. (f) Amount of long-term deferred gain invested in

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Frequently asked questions

Do I file Form 8997 every year?

Yes. You file it with your return for every year you hold a QOF investment with a deferred gain, from the year of the deferral election until the year the investment is fully disposed of or the gain is included.

What happens if I forget to file it?

Failing to file the annual statement can lead the IRS to treat the deferral as ending, which would make the deferred gain taxable. If you missed a year, follow the current instructions on how to correct the omission.

Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments

What is 8997?

Who files 8997?

How to fill out 8997

Quick fill 8997 on this page

Frequently asked questions

Related forms

Form 8996, Qualified Opportunity Fund

Form 8949, Sales and Other Dispositions of Capital Assets

Schedule D (Form 1040), Capital Gains and Losses