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Form 8582-K - Kentucky Passive Activity Loss Limitations - revenue ky

Form 8582-K - Kentucky Passive Activity Loss Limitations - revenue ky-2025

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The document is Form 8582-K, used by Kentucky taxpayers to report passive activity loss limitations for the tax year 2012. It outlines the process for calculating allowable passive losses that differ from federal calculations, including sections for rental real estate activities and commercial revitalization deductions. The form provides detailed instructions on how to complete it based on various income scenarios and filing statuses, ensuring accurate reporting of passive income and losses.

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See more Form 8582-K - Kentucky Passive Activity Loss Limitations - revenue ky versions

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Versions	Form popularity	Fillable & printable
2023	4.6 Satisfied (23 Votes)
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2021	4.6 Satisfied (27 Votes)
2020	4.2 Satisfied (54 Votes)
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Where do I report passive activity losses?

Form 8582 helps individuals who earn income from rentals or businesses in which they dont actively participateknown as passive activitiesdetermine the losses they can deduct on their tax return for that year.

How can passive activity losses be deductible from other taxable income?

Special $25,000 allowance. If you or your spouse actively participated in a passive rental real estate activity, the amount of the passive activity loss that is disallowed is decreased and you therefore can deduct up to $25,000 of loss from the activity from your nonpassive income.

Do passive activity losses expire?

These deductions are not lost forever. Rather, they are carried forward indefinitely until either of two things happen: you have rental income (or other passive income) you can deduct them against, or. you dispose of your entire interest in the property.

How do I report passive losses?

However, if current year losses are still limited, the passive losses will be reported on Form 8582 and will carry forward to next year. Passive losses continue to carry forward until you either have passive income to use the losses or you dispose of your ownership interest.

How many years can passive losses be carried forward?

You can generally carry passive losses forward indefinitely until they are offset by passive income. This means that if your client has a passive loss in one year, they can carry it forward to offset passive income in future years.

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What is the income limit for passive activity 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.

What are the passive loss rules for the IRS?

Passive activity loss rules state that passive losses can be used only to offset passive income. A passive activity is one in which the taxpayer did not materially participate during the year in question. Common passive activity losses may stem from leasing equipment, real estate rentals, or limited partnerships.

Form 8582-K - Kentucky Passive Activity Loss Limitations - revenue ky-2025

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