Get Ready for Another Tax Form to File
IRS Form 7217 for partnership property distributions is in draft form. You will need to file it for 2024 tax returns.
We think most of us have gotten used to filing Form 7203 to report the S corporation tax basis for tax basis in their S corporation’s stock.
Through the 2023 tax year there never has been a separate form to report distribution of partnership property. Now for 2024 tax returns we have the new Form 7217 which will report certain information on the distribution of partnership property.
This form is not used to report cash distributions but rather any property distribution.
This is a two-page form.
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