Schedule D (Form 1065) - Capital Gains and Losses - Part I & Part II

Sep 19, 2026

IRS Schedule D (Form 1065) for 2025 captures a partnership’s capital gains and losses, with reporting guidance tied to Form 8949 entries for specific line categories. Part I consolidates short-term results (assets held one year or less), including totals from reporting with various 8949 box selections, plus items such as installment sale gains and like-kind exchange gains, leading to net short-term gain or loss. Part II performs the same structure for long-term results (held more than one year), culminating in net long-term gain or loss.

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Part I

Short-Term Capital Gains and Losses

Part II

Long-Term Capital Gains and Losses

| SCHEDULE D
(Form 1065) | Capital Gains and Losses
Attach to Form 1065 or Form 8865. | | OMB No.1545-0123
2025 | | --- | --- | --- | --- | | | | | | | Department of the Treasury
Intermnal Revenue Service | Use Form 8949 to list your transactions for lines 1b,2,3,8b,9,and
Go to www.irs.gov/Form1065 for instructions and the latest informatio | 10.
n. | | | Name of partnership | | Employer identification number | | | Did the partnership di | spose of any investment(s)in a qualified opportunity fund during the tax yea | r?..·· | □No
□Yes | If“Yes,”attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss. # Partl Short-Term Capital Gains and Losses-Generally Assets Held One Year or Less (see instructions) See instructions for how to figure the amounts to enter on the (9) (h)Gain or (loss) (d) (e) Subtract column (e) Adjustments lines below. Proceeds Cost from column(d)and to gain or loss from This fom may be easier to complete if you round off cents to (or other basis) (sales price) Form(s)8949,Part I, combine the result with whole dollars. column (g) line 2,column(g) 1a Totals for all short-term transactions reported on Form 1099-B or Form 1099-DA for which basis was reported to the IRS and for which you have no adjustments (see instructions).However,if you choose to report all these transactions on Form 8949,leave this line blank and go to line 1b 1b Totals for all transactions reported on Form(s)8949 with Box A or BoxG checked 2 Totals for all transactions reported on Form(s)8949 with Box B or Box H checked ·...... 3 Totals for all transactions reported on Form(s)8949 with BoxC or BoxI checked .. 4 Short-term capital gain from installment sales from Form 6252,line 26 or 37...... 4 5 5 Short-term capital gain or(loss)from like-kind exchanges from Form 8824 .·..·.. 6 Partnership's share of net short-term capital gain(loss),including specially allocated short-term 6 capital gains (losses),from other partnerships,estates,and trusts.......... 7 Net short-term capital gain or(loss).Combine lines 1a through 6 in column(h).Enter here and 7 on Form 1065,Schedule K,line 8 or 11;or Form 8865,Schedule K,line 8 or11.. # PartII Long-Term Capital Gains and Losses-Generally Assets Held More Than One Year( (see instructions) See instructions for how to figure the amounts to enter on the (9) (h)Gain or(loss) (d) (e) Adjustments Subtract column (e) lines below. Cost Proceeds from column(d)and to gain or loss from This fom may be easier to complete if you round off cents to (sales price) (or other basis) Form(s)8949,Part II, combine the result with whole dollars. line 2,column(g) column (g) 8a Totals for all long-term transactions reported on Form 1099-B or Form 1099-DA for which basis was reported to the IRS and for which you have no adjustments (see instructions).However,if you choose to report all these transactions on Form 8949,leave this line blank and go to line 8b ....... 8b Totals for all transactions reported on Form(s)8949 with Box D or BoxJ checked.. ... 9 Totals for all transactions reported on Form(s)8949 with BoxE or Box K checked......... 10 Totals for all transactions reported on Form(s)8949 with BoxF or Box L checked ......... 11 Long-term capital gain from installment sales from Form 6252,line 26 or 37....... 11 12 Long-term capital gain or (loss)from like-kind exchanges from Form 8824 .··.... 12 13 Partnership's share of net long-term capital gain(loss),including specially allocated long-term 13 capital gains (losses),from other partnerships,estates,and trusts .· ······. 14 Capital gain distributions (see instructions)............ 14 ...... 15 Net long-term capital gain or (loss).Combine lines 8a through 14 in column (h).Enter here and

FAQs

What form must be used to list transactions that feed into Schedule D (Form 1065)?

Use Form 8949 to list the partnership’s transactions for the relevant Schedule D lines, then carry the totals into Schedule D (Form 1065).

How does Schedule D (Form 1065) separate short-term and long-term amounts?

Part I is for short-term capital gains and losses, generally for assets held one year or less, while Part II is for long-term capital gains and losses, generally for assets held more than one year.

What do Part I and Part II ultimately produce for the partnership’s reporting?

Each part totals the applicable items to arrive at net short-term gain or loss (Part I) and net long-term gain or loss (Part II), then directs where to enter those results on Form 1065, Schedule K or Form 8865, Schedule K.

Sep 19, 2026

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