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What are the passive activity loss limitations for 2023?

For California purposes, the maximum IRC Section 179 expense deduction allowed for 2023 is $25,000.

What is the limitation on passive activity losses on Form 8582?

If you actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income.

What is the special allowance for Form 8582?

The maximum special allowance is: $25,000 for single individuals and married individuals filing a joint return for the tax year. $12,500 for married individuals who file separate returns for the tax year and lived apart from their spouses at all times during the tax year.

What is the limit for passive income losses?

Under the passive activity rules you can deduct up to $25,000 in passive losses against your ordinary income (W-2 wages) if your modified adjusted gross income (MAGI) is $100,000 or less. This deduction phases out $1 for every $2 of MAGI above $100,000 until $150,000 when it is completely phased out.