Form 8582 for Georgia 2024-2025

Form 8582 for Georgia: What You Should Know

Is there a Georgia-specific version of form K? • Do I have to file the form if my adjusted gross income is below 150,000? • I have the option to enter a state Form 900 to report my loss. Form 8582 Passive Activity Loss Limitations — Support Posted by A.C. in GA Mar 14, 2025 I was just getting ready to go out this weekend, and just got a call from my state representative stating that the Georgia State Income Tax Commission has made me an offer that will give me a lower rate of tax on my first 1,000 a year of income! You can't beat Georgia! I will gladly take it! I just called his office and spoke to the Director, and was informed that it will cost an additional 200 to file a return with him (although there is a “chargeback” process that can lower this amount), and when filing this form, it will not be able to be used as a “passive loss allowance” and I will have to pay tax on the difference if I chose to, so I don't have to deal with that situation. (This does not apply to income above 250k). In other words, it has a very high tax rate, but I have my options, and I'm okay with it. I was also informed that Georgia has no other states-specific or state-wide laws regarding passive loss, and as long as I'm living in Georgia, I will still be exempt from it. This is a perfect deal, especially if I can save enough for it! You can read all about it by clicking here. The offer runs for the next 11 months, and will be extended one more time until they decide to approve of my current schedule. If you're going to take this deal, definitely contact your state representative and make sure they know what they are doing (I called about 5 days in advance). If you're reading this and wondering, “Do I have to file?” No, you don't. Just let your state representative know this and see if that frees up time for you, or you are free to not report your loss and file on your own. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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