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Form 7217: Partner's Report of Property Distributed by a Partnership
IRS Form 7217 is Partner's Report of Property Distributed by a Partnership, which reports the basis of property received from a partnership to any partner. It must be filed with an annual tax return for the tax year in which the distribution occurred.
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IRS Form 7217 - Partner's Report of Property Distributed by a Partnership
IRS Form 7217 is Partner's Report of Property Distributed by a Partnership, which reports the basis of property received from a partnership to any partner. It must be filed with an annual tax return for the tax year in which the distribution occurred.
Risk Radar
Scan points- 1Ensure Line 3 on Part I equals the total amount on Part II, line B, column (b).
- 2Filing without a separate copy of Form 7217 for each date property was received.
- 3Failing to file if the distribution consisted only of money or marketable securities treated as money under section 731(c).
- 4Omitting the partnership’s EIN on the General Information lines.
- 5Not entering the smaller amount on Part I, Line 10 for a non-liquidating distribution.
Plain English
This form tells the IRS what assets you received from your partnership and what those assets are worth on paper (their basis). You file this report every time you get property distributed, even if it's part of a larger transaction. It ensures the IRS knows how to track your investment's value after the distribution.
Submission Date
- Filing date: 2025-01-08 22:10:38
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when any partner receives a distribution of property from a partnership in either a non-liquidating or liquidating distribution to report the basis of that distributed property.
- Do not use Form 7217 if the distribution consists only of money or marketable securities treated as money under section 731(c), nor for payments for services other than those in a partner capacity (section 707(a)(1)) or disguised sales (section 707(a)(2)(B)).
- Check Form 1065 when the partnership reports the necessary basis information to you, as this form is used alongside it.
Form selector
Use this form or another form?
Received property on multiple days
A separate Form 7217 must be filed for each date of distribution, even if part of the same transaction.
✓ Confirm you have a form dated for every distinct receipt date.
Distribution involves unrealized receivables/appreciated inventory
If section 751(b) applies, an attachment showing the calculation of income/gain/loss under section 751(b) is required.
✓ Verify the attached statement matches calculations on Part II.
Distribution involves only cash or marketable securities (treated as money)
If the distribution is purely monetary, filing Form 7217 is unnecessary per instructions.
✓ Ensure you are not incorrectly reporting a pure cash distribution.
Deadline or filing window
The trigger for filing is receiving distributed property subject to section 732. The deadline is attaching Form 7217 to your tax return for that specific tax year. No separate extension date is mentioned in the instructions.
Checklist
What you need before filling it out
Partner's Name/TIN
Your name and TIN (SSN) · Form 7217, lines near top
Date of Distribution
The specific date the property was received by the partner. · Form 7217, line near top
Aggregate Basis (Part I, Line 3)
Partnership's aggregate basis in distributed property immediately before distribution. · Schedule K-1 (Box 19, Code C) or attached section 732(d) statement
Adjusted Basis (Part I, Line 4)
Your interest's adjusted basis immediately before distribution. · Form 7217, line near top/Part I
Sale or Exchange Flag (Part I, Line 2)
Check box indicating if any part was treated as a sale or exchange under section 751(b). · Form 7217, Part I, Line 2
Before you submit
- 1Ensure you have filed a separate Form 7217 for every date property was distributed.
- 2Verify that if distribution involved section 751(b), an attachment detailing the calculation is included with Form 7217.
- 3Confirm Part I, Line 3 equals the total amount on Part II, line B, column (b).
- 4Enter the partnership's EIN and your TIN accurately on the form.
- 5Check the box in Part I, Line 1 indicating if the distribution was a complete liquidation of your interest.
- 6Ensure you have correctly entered the description of each distributed property in Part II, Column (a).
- 7Confirm that all necessary columns (a) through (e) are filled for every item listed in Part II.
How to file this form
- 1Complete the general information section by entering your name, TIN, partnership name, and EIN.
- 2Fill out Part I, recording whether the distribution was a complete liquidation (Line 1) and if any part qualified as a sale or exchange under section 751(b) (Line 2).
- 3Complete Part II by listing each distributed property in Column (a), detailing its partnership basis in Column (b), and filling out Columns (c), (d), and (e) as provided.
- 4Calculate the totals on Part II, line B, and ensure this total matches the amount entered on Part I, Line 3. Attach any required section 751(b) calculation statement.
- 5Attach the completed Form 7217 to your annual tax return for the relevant tax year.
- 6Keep a copy of the filed Form 7217 for your records.
Known limitations
- 1The form does not need to be filed if the distribution consisted only of money or marketable securities treated as money under section 731(c).
- 2The form does not need to be filed for payments made to a partner for services other than in their capacity as a partner under section 707(a)(1).
- 3The form does not need to be filed for transfers that are treated as disguised sales under section 707(a)(2)(B).
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->The current edition is December 2024. For the latest information about Form 7217 and its instructions, filers should consult IRS.gov/Form7217.
What changed or needs a fresh check
- Edition date — confirm the revision date reads December 2024.
- Tax year covered — confirm the form is used for tax years beginning in 2024 or later.
- IRS website reference — confirm instructions are available at IRS.gov/Form7217.
- Filing requirement — confirm you attach Form 7217 to your annual tax return.
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Form 7217.
- 2Attach Form 7217 to your annual tax return for the tax year in which you received distributed property subject to section 732.
- 3If distributions occurred on different days during the tax year, file a separate Form 7217 for each specific date of receipt.
- 4The partnership will report certain information to you on Schedule K-1 (Form 1065), box 19, code C; or in an attached section 732(d) statement.
Sources
- SRCInstructions p.1 — Form 7217 is filed by any partner receiving a distribution of property from a partnership in a non-liquidating or liquidating distribution to report the basis.
- SRCInstructions p.1 — A separate Form 7217 must be filed for each date if distributed properties subject to section 732 are received on different days during the tax year.
- SRCInstructions p.1 — The form is due by attaching it to your tax return for the tax year in which you received property subject to section 732.
- SRCInstructions p.1 — Line 3 requires entering the partnership’s aggregate basis immediately before distribution, adjusted under sections 732(d), 734(b), or 743(b).
- SRCInstructions p.1 — The amount on Line 3 must equal the total of Part II, line B, column (b).
- SRCInstructions p.2 — When section 732(a)(2) applies in a non-liquidating distribution, your basis generally equals the partnership’s adjusted basis before distribution.
- SRCForm p.2 — The form is identified as Form 7217 (12-2024).
- SRCInstructions p.1 — Use the December 2024 version of Form 7217 for tax years beginning in 2024 or later.
Common confusion points
Should I file one Form 7217 for all distributions received during the year?
If you receive property on multiple dates, even if it's part of the same overall transaction, a separate form is required for each receipt date.
→ Check instructions to confirm filing requirements based on distribution date.
When do I file this Form 7217?
You must attach it to your tax return for the year you received the property subject to section 732; it is due at the same time as your tax return, including extensions.
→ Confirm the due date aligns with your main tax filing deadline.
What basis do I enter on Line 3?
Enter the partnership’s aggregate basis in the distributed property (excluding cash but including marketable securities treated as money) immediately before the distribution, accounting for adjustments under sections 732(d), 734(b), or 743(b).
→ Verify this amount matches the total of Part II, line B, column (b).
How do I calculate Line 4 (outside basis)?
This is your adjusted basis in your interest in the partnership immediately before the distribution; you are responsible for calculating it since it is not reported on the Schedule K-1.
→ Refer to Partner's Instructions for Schedule K-1 (Form 1065) for calculation guidance.
When does Line 3's amount have to match?
The amount entered on Line 3 must equal the total amount of Part II, line B, column (b).
→ Double-check that the summary totals in Part II align with the aggregate basis reported in Part I, Line 3.
What if my distribution is only cash or marketable securities treated as money?
You do not need to file Form 7217.
→ Confirm the property received does not fall under section 731(c) treatment.
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Questions about IRS Form 7217
What is IRS Form 7217 used for?
This form tells the IRS what assets you received from your partnership and what those assets are worth on paper (their basis). You file this report every time you get property distributed, even if it's part of a larger transaction. It ensures the IRS knows how to track your investment's value after the distribution.
Who must file IRS Form 7217?
Any partner receiving a distribution of property from a partnership must file Form 7217. This applies whether the distribution is in complete liquidation or not.
What information does IRS Form 7217 require?
Part I summarizes the aggregate basis of the distributed property on the date of distribution. Part II details the specific allocation of that basis for each piece of property received.
When is IRS Form 7217 due?
Form 7217 must be filed by attaching it to your tax return for the tax year in which you received distributed property subject to section 732.
Where do I file IRS Form 7217?
The form is attached to your annual tax return. Future developments regarding Form 7217 can be found at IRS.gov/Form7217.
How do I complete IRS Form 7217?
First, fill out General Information with your name, TIN, and the partnership's EIN. Then, complete Part I to summarize the total basis and check relevant boxes. Finally, complete as many copies of Part II as needed to detail each specific property received.
What happens if IRS Form 7217 is filed incorrectly?
While the source does not specify a penalty for incorrect completion, filing this report ensures accurate reporting of basis adjustments as required by section 732(a)(2) or (b).
Should I file one Form 7217 for all distributions received during the year?
If you receive property on multiple dates, even if it's part of the same overall transaction, a separate form is required for each receipt date. Check instructions to confirm filing requirements based on distribution date.
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