Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Gains from Form 1065 Form 4797 not allocated to K-1's
Gains from Form 1065 Form 4797 not allocated to K-1's
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
LJHCPA
Level 4
09-14-2021
07:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a Form 1065 with 18 rental properties and multiple 8825's. Clients sold a property this year which resulted in a large Sec 1250 gain. It shows up on Form 4797 in Part III, but I do not see the gain allocated to the partner's respective Schedule K-1's. How do I get the gains to appear on the K-1's? I'm sure the IRS wants to tax those gains to each partner, so I don't think I'm getting any freebies here. Asset disposition correctly completed (as far as I can tell), and on the 8825 I marked that property completely disposed of in 2020. Why don't gains show on Sch K-1?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
LJHCPA
Level 4
09-14-2021
08:12 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Figured it out. Found that in previous years I had used special allocations for the limited partners and hadn't changed those fields. I noted the 4797 gains did appear on the limited partner's K-1's, but not the general partners. Had to change the respective allocation code # ! and # 2 to match the partner's respective ownership. Just leaving all partner's allocation codes blank did not solve the problem.
