8582 Form 2023-2024

8582 2024 Form: What You Should Know

Passive Activity Loss Limitations—Exemption of rental real estate Activities with Active Participation. Tax Form IT-182—Exemption of rental real estate Activities with Active Participation. 1. What is passive? Passive activities include all activities that do not result in income from trade or business including, but not limited to, the activities described in the following paragraph. 2. What passive activities are prohibited? Passive activities include the following: 3. What are the passive activity loss limitations? The passive activity loss for a taxpayer  may take into account up to 30% of passive activity loss in any given year. This limitation is subject to the following conditions: (i) In general, active activities include activities that directly or indirectly produce income from trade or business (or from rental real estate activities that are active) as a percentage of the taxpayer's total passive activity loss, except that in no instance may the passive activity loss be greater than 50% of total passive activity loss. (ii) Examples of activities in which the limit on the passive activity loss may be applied, and which are not considered to be active activities include: (1) Income from passive activities related to: (A) Rentals of capital or leasehold property (whether the rental of such property is passive); (B) Rentals of non-residential real property as tenants in common (whether the rental of such property is passive); (C) Selling, leasing, or operating any type of personal residence; and (D) Rentals of real property (including the rental of real property in a cooperative housing corporation); (2) Income from passive activities that do not directly or indirectly produce any income from trade or business (or from rental real estate activities that are not active), but is directly connected with the performance of the taxpayer's rental real estate activities. Such income may include the following: (A) Personal use of real property; (B) Personal use of property that is a trade or business asset; and (C) Personal use of real estate that is available for use as a trade or business asset.

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