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IRS has released (in draft form) the new IRS Form 7217. Looks like this form is required to be filed by individuals on their 1040 and it's purpose is essentially like IRS Form 7203 (for S Corps) - tracks the partner's basis in the partnership.
Does anyone have any good sources for learning more about the new form? I know it's still in draft form but looking to know more about the purpose of it....does it apply to our client who receive any K-1 (even from PTPs)?
I have looked at the instructions and the form but wanted to also find some videos about the new form. Not much on Youtube about it. Any insight would be appreciated.
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@Ephesians3-14 wrote:
it's purpose is essentially like IRS Form 7203 (for S Corps) - tracks the partner's basis in the partnership.
Not exactly. As you can see from the title, it only applies when "property" is distributed (not money), so it may not be used very often for many taxpayers.
As for your question, if you are a member of NATP (or want to pay for the class) they have a webinar for it tomorrow and the next day. Otherwise, I suspect some year-end classes will cover it because it is a new form.
https://www.natptax.com/EventsAndEducation/Pages/course-details-live-webinar.aspx?k=WEB2490
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When all else fails -
READ THE INSTRUCTIONS! Even if they are only in draft form
EDIT - And of course, we all go straight to the code section 732 for more light reading.
Answers are easy. Questions are hard!
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Haha - right, I already read the instructions.
I saw line 5a on the the form that mentioned cash distribution - but looks like that just relates to "boot" in connection with the property distribution.
Seems strange they would only be focused on p'ship property distributions and not just create a parallel form for p'ships similar to the 7203. Then again, we're talking about the government.
