Form 7217, Partner’s Report of Property Distributed by a Partnership, is used by partners to report the basis of property distributed to them by a partnership, whether in a non-liquidating or liquidating distribution. Here’s a brief overview of the new Section 7217 reporting requirements and how to fill out the form.
- Who Must File: Any partner receiving a distribution of property from a partnership must file Form 7217.
- When to File: Attach Form 7217 to your tax return for the tax year in which you received the distributed property.
- Separate Forms: Fill out and a separate Form 7217 for each date during the tax year that you received distributed property subject to section 732.
- Exclusions: Do not file Form 7217 if the distribution consisted only of money or marketable securities treated as money under section 731(c).
Please read this IRS reference source for specific instructions on how to fill out your 7217.
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