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anza
Level 1

Form 4797, Part II, Line 10

Where do the amounts for Form 4797 Part II, line 10 (Ordinary Gains and Losses) come from on the K-1s I receive?  They add up to a fairly large amount and I'm not sure where they are coming from on the K-1s that I get and if they're correct.  Thanks for your help.

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Anonymous
Not applicable

Form 4797, Part II, Line 10

usually on the disposition of a partnership interest, there's section 751 income to be reported.  this is not included on the k-1.  it is reported in a supplemental schedule accompanying the k-1 and is entered in the disposition details for the partnership.   also, the amounts can come from the sale of business assets held 1 year or less.   another source from the k-1's would be from line 11i that you entered on line 2 of the subschedule for 11i items. 

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2 Replies
Anonymous
Not applicable

Form 4797, Part II, Line 10

usually on the disposition of a partnership interest, there's section 751 income to be reported.  this is not included on the k-1.  it is reported in a supplemental schedule accompanying the k-1 and is entered in the disposition details for the partnership.   also, the amounts can come from the sale of business assets held 1 year or less.   another source from the k-1's would be from line 11i that you entered on line 2 of the subschedule for 11i items. 

View solution in original post

anza
Level 1

Form 4797, Part II, Line 10

Thanks, that was really helpful.  

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