Partnership tax
Greywood CPA prepares Form 1065 partnership returns and investor K-1s for real estate funds, syndications and multi-member property LLCs. Every return is prepared and reviewed by a senior CPA, with capital accounts and allocations tied to your partnership agreement.
For calendar-year partnerships, Form 1065 and K-1s are due March 15, with a six-month extension to September 15 available. Investors need their K-1s to file their own returns, so late K-1s are the most common complaint sponsors get. We build the schedule around getting them out early.
Last reviewed: November 2026
Each investor's K-1 reports their share of income, losses, depreciation and distributions. Getting them right depends on:
Partnerships with items of international tax relevance, such as foreign partners or foreign activities, may need to file Schedules K-2 and K-3 and provide K-3s to partners. Many purely domestic real estate partnerships qualify for an exception, but it has conditions, including notifying partners. We check each year whether you qualify.
Under the centralized partnership audit regime, the IRS audits the partnership and can assess tax at the partnership level. Each partnership names a partnership representative with authority to act for it. Your partnership agreement should cover who that is and how audit adjustments are shared, and some small partnerships can elect out each year.
| When | What happens |
|---|---|
| January | Books closed, property-level reports finalized |
| February | Draft return, capital accounts and allocations reviewed |
| By March 15 | Return filed and K-1s issued, or extension filed with estimates to investors |
| By September 15 | Extended returns and final K-1s |
For calendar-year partnerships, Form 1065 and K-1s are due March 15. A six-month extension moves the deadline to September 15.
Only if it has items of international tax relevance, such as foreign partners or activities. Many domestic partnerships qualify for an exception, which has conditions including partner notification.
The person or entity with authority to act for the partnership in an IRS audit under the centralized partnership audit regime. Every partnership filing Form 1065 designates one.
Generally you file where the partnership has property or income, and investors file nonresident returns there. Composite returns or withholding can simplify this for investors.
We quote one fixed fee in writing before any work starts, based on the number of entities, properties, investors and states.
Tell us about your partnerships. A senior CPA will send a fixed-fee proposal within 1–3 business days.