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New York State Department of Taxation and Finance Passive Activity Loss Limitations For Nonresidents

New York State Department of Taxation and Finance Passive Activity Loss Limitations For Nonresidents 2025

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The document IT-182 from the New York State Department of Taxation and Finance provides guidelines for nonresidents and part-year residents to report passive activity loss limitations for the tax year 2009. It includes instructions on how to calculate allowed losses from rental real estate activities, commercial revitalization deductions, and other passive activities. The form requires users to complete various worksheets to determine net income or loss from these activities and outlines specific rules for reporting losses based on federal regulations.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name and identifying number as shown on your tax return at the top of the form.
In Part I, report your passive activity losses. Fill in lines 1a through 4 using the provided worksheets to calculate net income and losses from rental real estate activities.
If line 4 indicates a loss, determine which subsequent part to complete based on the instructions provided. Follow through Parts II, III, and IV as applicable.
Ensure all entries are positive amounts where specified, particularly in Parts II and III for special allowances.
Finally, review your entries for accuracy before saving or printing the completed form for submission with your tax return.

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Does NY allow passive activity losses?

New York State Tax Law conforms to the passive activity loss rules for federal purposes.

What are the rules for passive activity loss?

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.

Are nonresidents subject to New York City taxes?

As a resident, you pay state tax (and city tax if a New York City or Yonkers resident) on all your income no matter where it is earned. As a nonresident, you only pay tax on New York source income, which includes earnings from work performed in New York State, and income from real property located in the state.

What is the limit on 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.

How is passive income taxed in NY?

Passive income is generally taxed at the taxpayers marginal tax rate, similar to active income. However, those with a modified adjusted gross income above a certain threshold may be subject to the Net Investment Income Tax (NIIT) of 3.8%.

What is a passive activity who is subject to the passive loss limitation rules?

Under U.S. tax law, a passive activity is one that produced income or losses that did not involve any material participation by the taxpayer. For example, if you own farmland but rent it out to a farmer who does all the work, youre making passive income. Passive losses cannot be used to offset earned income.

Can I deduct gambling losses in New York?

State Taxes and Gambling Losses Some states allow you to deduct gambling losses, while others do not. For example, in New York, you can deduct gambling losses on your state tax return, but in California, gambling losses are not deductible.

New York State Department of Taxation and Finance Passive Activity Loss Limitations For Nonresidents 2025

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