Formalin (or formaldehyde/paraformaldehyde 10% soln) is nasty stuff. In an lab, you just can't dilute it with water down the drain, & it lingers on containers. We had special hazmat containers for it.
At home you should treat all the liquid before dumping, put on goggles, slowly add sodium biaulfate or sodium hydroxide (lye) or hydrogen peroxide untill there is no reaction. Dump the neutralized formalin down the drain, then rinse the container with water a few times.
Good luck!