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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Gains from Form 1065 Form 4797 not allocated to K-1's
Gains from Form 1065 Form 4797 not allocated to K-1's
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LJHCPA
Level 4
09-14-2021
07:56 PM
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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?
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LJHCPA
Level 4
09-14-2021
08:12 PM
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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.
