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Form 6198 - At-Risk Limitations is used to determine the profit (loss) from an at-risk activity for the current year. Form 6198 should be filed when a taxpayer has a loss in a business activity reported on a Schedule C, Schedule E, or Schedule F and some or all of their investment is not at risk.
You are required to file Form 6198 with your tax return if you experience a loss in an income-producing activity deemed by the IRS as at risk. Most business activities are subject to the at-risk limitations.
UltraTax CS will report the at-risk recapture amount on Form 1040, Schedule 1, line 8.
Example: Unused Losses Due To At-Risk Limitations May Be Carried Forward. You invest $30,000 in a partnership, but suffer $50,000 of your share of the partnerships losses in the 1st year. For the 1st year, you can only deduct your initial investment. However, your suspended loss of $20,000 can be carried forward.
More In Forms and Instructions Use Form 6198 to figure: The profit (loss) from an at-risk activity for the current year. The amount at risk for the current year. The deductible loss for the current year.
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The amount you have at-risk is similar to basis in that you cannot deduct losses in excess of your at risk amount. The amount at-risk, however, is not the same as basis. In many cases, a taxpayer can still have basis, but his losses are not deductible because they are limited by the amount at risk.
You are required to file Form 6198 with your tax return if you experience a loss in an income-producing activity deemed by the IRS as at risk. Most business activities are subject to the at-risk limitations.
File Form 6198 if during the tax year you, a partnership in which you were a partner, or an S corporation in which you were a shareholder had any amounts not at risk (see Amounts Not at Risk, later) invested in an at-risk activity (defined below) that incurred a loss.
Generally, the at-risk rules apply to all individuals and to closely-held C corporations in which five or fewer individuals own more than 50% of the stock.
The amount you have at-risk is similar to basis in that you cannot deduct losses in excess of your at risk amount. The amount at-risk, however, is not the same as basis. In many cases, a taxpayer can still have basis, but his losses are not deductible because they are limited by the amount at risk.

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