Schedule K (Form 1065) is a summary schedule of all the partners’ share of income, credits, deductions, etc. Rental activity income (loss) and portfolio income are not reported on page 1 of Form 1065 U.S. Return of Partnership Income. These amounts are combined with trade or business activity income (loss) and passed through to the partners on Schedule K. The partnership issues a Schedule K-1 (Form 1065) Partner’s Share of Income, Deductions, Credits, etc. to each partner to report their share of the partnership's Schedule K income and deductions.
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