You can still defer for sales in 2022, but as far as receiving the five-year basis adjustment, I don't think there'd be a way to do that.
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What should taxpayers do who sell property this year but may not get the transaction closed by year end?
How can I defer those taxes?
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Unfortunately, you can invest deferred gain in a qualified opportunity fund (QOF) only after the time that the gain would have otherwise been recognized. If your sale transaction doesn't close in 2021, so that you wouldn't have recognized the gain in 2021, then you'll have to make your QOF investment in 2022. You can still get the OZ deferral benefit and additional gain exclusion after 10 years; you just won't get the 10% basis bump for QOF interests that are held for at least 5 years.
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