Skip to main content
February 27, 2022
Question

Residential Rental Reporting on Form 1065 K-1 and Form 1040 Schedule D

  • February 27, 2022
  • 1 reply
  • 0 views

My wife and I own several residential rentals and sold one in 2021. The sale was reported on its Form 1065 Partnership Return 4797 and on our K-1 forms. How do we report the sale "long term gain" on our Form 1040, Schedule D without the 4797 gain being double reported via the K-1s?

    1 reply

    ColeenD3
    February 27, 2022

    If the Partnership sold the property, you would not enter it on your personal return. As you said, the K-1 will carry it over and it will be entered on your return in that way.