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Fontana California online Form 8582: What You Should Know
If you live in or around the Los Angeles area, or think you might be considered for a property, give us a call at or fill out the form online. For more information, read our blog posts about the California Passive Activity Loss rules. Updated 03 May 2018 If you purchased or sold a real estate property at a loss, make sure to read this helpful blog post about the California passive activity loss rules. This post is helpful for understanding the tax rules on the sale of qualified real estate assets sold by a seller with adjusted gross income. Updated 06/2016 When you pay 5,000 or less for qualified real property that you can make a loss on, you are allowed a 15% loss for the loss of the sale proceeds, but you may not be allowed to reduce your deduction by more than the amount of the loss. If you pay or sell a property for over 5,000, you have the option to reduce your loss by the least of 15,000 or 20% of the proceeds paid, or you may use the cash you received to purchase a qualifying loss mitigation loan. If you decide to reduce the loss, you need to pay any tax remaining in the loss mitigation loan even if you are permitted to reduce your deduction on this loan. Updated 05/2015 If you receive rental income on a part year basis from qualified real estate property, you may qualify for the special exclusion from taxation of the rental income under Sections 12(a) and 1402 of the Internal Revenue Code. Updated 10/2014 When you sell or transfer property with qualified real estate activity losses, and you are subject to an additional tax, you must file Form 8582. On Form 8582, check the box if it is for a passive activity loss. You will report the activity loss on Form 8582.
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