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Level 2
December 7, 2019
Solved

How do you report the basis of a partnership interest when the gain on the sale is reported on a 1065 K-1 box 9a? should the K-1 report the gain (loss) net of any basis?

  • December 7, 2019
  • 2 replies
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Best answer by sjrcpa

Box 9a is gain on a sale incurred by the partnership. It is not gain on a partner's sale of his partnership interest.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

Box 9a is gain on a sale incurred by the partnership. It is not gain on a partner's sale of his partnership interest.

The more I know the more I don’t know.
Level 7
December 7, 2019

I recently encountered a CPA who thought that the partnership redemption should be reported in 9a, after an unproductive phone call with him, is sent him his K-1s back with copies of the Forms 8082 I filed with my clients tax returns.