1065

Capital Gains and Losses

Agency
IRS
Revision
2025
Fillable fields
45
Pages
1
Official source
IRS form page
Checked
October 21, 2026
Fill 1065 online
Page 1 of form 1065

Schedule D (Form 1065): Capital Gains and Losses (2025)

Schedule D (Form 1065) is the schedule a partnership uses to report its capital gains and losses. The form says to attach it to Form 1065 or Form 8865. This page covers the 2025 version.

The instructions say it reports the total capital gains and losses from transactions on Form 8949, certain transactions the partnership does not have to report on Form 8949, capital gains from installment sales on Form 6252, gains and losses from like-kind exchanges on Form 8824, the partnership's share of net capital gains and losses from other partnerships, estates and trusts, and capital gain distributions.

Part I covers short-term gains and losses and Part II covers long-term ones. The net results on lines 7 and 15 carry to Schedule K of Form 1065 or Form 8865. You can fill out the PDF free in your browser on this page and download it without an account.

Top of page 1 of Schedule D (Form 1065): Capital Gains and Losses (2025), as printed by IRS

What's on Schedule D (Form 1065)

Header and opportunity fund question

Name of the partnership, its employer identification number, and a Yes or No question on whether it disposed of any investment in a qualified opportunity fund during the tax year.

Part I: short-term, lines 1a to 3

Totals of proceeds, cost or other basis, adjustments and gain or loss for short-term sales, split by Form 1099-B or 1099-DA reporting and by the box checked on Form 8949.

Part I: lines 4 to 7

Short-term gain from installment sales and like-kind exchanges, the partnership's share from other partnerships, estates and trusts, and the net short-term result on line 7.

Part II: long-term, lines 8a to 10

The same columns for long-term sales, generally assets held more than one year, split the same way by broker reporting and Form 8949 box.

Part II: lines 11 to 15

Long-term gain from installment sales and like-kind exchanges, the share from other partnerships, estates and trusts, capital gain distributions on line 14 and the net long-term result on line 15.

How to fill out Schedule D (Form 1065)

  1. 1

    Complete Form 8949 first

    The instructions say to complete all necessary pages of Form 8949 before completing line 1b, 2, 3, 8b, 9 or 10.

  2. 2

    Lines 1a and 8a

    The instructions say these lines can hold aggregate totals of sales, other than collectibles, where the Form 1099-B or 1099-DA shows basis reported to the IRS with no adjustments and the Ordinary and QOF boxes are not checked. Those sales then stay off Form 8949.

  3. 3

    Column (h)

    Subtract column (e) cost or other basis from column (d) proceeds, then combine the result with any column (g) adjustment. The instructions say to enter negative amounts in parentheses.

  4. 4

    Lines 6, 13 and 14

    For lines 6 and 13, the instructions point to the Schedule K-1 or other information from the other partnership, estate or trust. Line 14 is the total capital gain distributions paid to the partnership during the year.

  5. 5

    Lines 7 and 15

    Combine the column (h) amounts. The form says to enter line 7 on Schedule K, line 8 or 11, and line 15 on Schedule K, line 9a or 11, of Form 1065 or Form 8865.

  6. 6

    Rounding

    The instructions allow rounding to whole dollars. If cents are rounded, all amounts are rounded: drop amounts under 50 cents and raise amounts over 49 cents to the next dollar.

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Where it goes and related forms

Attach to the return

The form says to attach it to Form 1065 or Form 8865. Its instructions give no separate address or deadline for the schedule itself.

Opportunity fund dispositions

If the answer to the qualified opportunity fund question is Yes, the form says to attach Form 8949 and see its instructions. The instructions name Form 8997 for a partnership that held a qualified investment in a fund during the year.

Holding period

The instructions say the holding period is generally 1 year or less for short-term and more than 1 year for long-term. For applicable partnership interests, the long-term period is more than 3 years.

Other forms for other sales

The instructions name Form 4684 for casualties and thefts, Form 4797 for business property, and Form 6781 for section 1256 contracts and straddles.

Related forms

Who completes Schedule D (Form 1065)?

  • Partnerships filing Form 1065

    The form says to attach it to Form 1065, the U.S. Return of Partnership Income, when the partnership has capital gains or losses to report.

  • Form 8865 filers

    The form also says to attach it to Form 8865. Lines 7 and 15 name Form 8865, Schedule K, as an alternative place for the totals.

  • Partnerships with digital asset sales

    The 2025 instructions say codes G through L were added to lines 1b, 2, 3, 8b, 9 and 10 to include digital asset transactions reported on Form 1099-DA.

  • Not for business property sales

    The instructions point sales of property used in a trade or business, and of depreciable property, to Form 4797, and section 1256 contracts to Form 6781.

The schedule is completed by the partnership, not by its partners. The form header asks for the name of the partnership and its employer identification number.

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Questions about Form 1065

Who files Schedule D (Form 1065)?

The partnership. The form asks for the name of the partnership and its employer identification number and says to attach it to Form 1065 or Form 8865.

Does every sale go on Form 8949 first?

Not always. The instructions say lines 1a and 8a can hold totals for sales where the broker reported basis to the IRS and no adjustments are needed. Other sales go on Form 8949 first.

What changed for 2025?

The instructions say codes G, H, I, J, K and L were added to lines 1b, 2, 3, 8b, 9 and 10 to include digital asset transactions.

Where do the totals go?

The form says line 7 goes on Schedule K, line 8 or 11, and line 15 goes on Schedule K, line 9a or 11, of Form 1065 or Form 8865.

Can I round to whole dollars?

Yes. The instructions allow it, but if cents are rounded, all amounts on the schedule are rounded.