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Music good afternoon everyone and welcome to today's class called passive activity loss and at risk limits today's class is going to cover by-and-large contents included in IRS Publication 925 which covers passive activity and at risk rules we're also going to be looking at forms eighty five eighty two and sixty one ninety eight and you can reference those forms and their instructions on IRS website under the instructions for each of those forms so essentially we're getting to content of today's class from those three main sources and a few pages of pub seventeen as well now the baseline or the beginning point for today's class is really understanding that in order to apply the at-risk rules and the passive activity loss rules you need to be looking at passive income or income from a business activity and whether or not you are going to be able to claim deductions for losses that you have so today's class is about the type of business activity that would generate a loss and whether or not you are allowed to claim that loss on your tax return and we're going to begin with a discussion of at risk rules if your rental property or other business activity results in a net loss for the year you may use the loss to offset other income only if you are at risk for the money lost in the activity you are considered to be at risk to the extent you have after tax amounts invested in the activity that have not previously been deducted on your tax return somewhere else that's some other time figuring your allowable loss generally you must complete form 61 ninety eight to figure your allowable loss if the following is true you have a loss from an activity carried on as a trade or business or for production of income and there are amounts in the activity for which you are not at risk and you should begin to notice when you're working in tax software that when you are making data entry in screens for self-employment for farming for rental properties for K ones flowing through from tivities such as partnerships and S corporations that somewhere in there there should be a toggle or a button that you can click on to indicate whether or not you are at risk in the activity and if you say you're not at risk and I believe even on the Schedule C form itself the iris wants to know if you're at risk or partially at risk that is going to trigger this particular topics at 61 98 do I need to fill out form 61 98 and so we're going to begin by looking at what it means to be at risk because you must be at risk and you have to apply the rules for at risk activities before you then move on to a second set of rules that applies to passive activities so we're