Looking for a U.s. Department Of The Treasury Forms And Templates? Download it for free!

Specific Instructions

Worksheet 1—Computation of Income, Gains, Deductions, and Losses

for Worksheet 2

Note: Complete Worksheets 1 and 2

before completing Part I of Form 8810.

Name of activity:

Worksheet 1

Gross receipts

Worksheet 1 is used to figure the total

Schedule D gains

current year income, gains, deductions,

Form 4797 gains

and losses for each passive activity.

Other passive income

● Lines 1 through 4. Enter on these

Total income. Add lines 1

lines the gross receipts and other

through 4. Enter the result

income from passive activities and

here and in column (a) of

passive activity gains reported on Form

Worksheet 2

4797 and Schedule D.

Deductions:

● Line 5. Enter total income on this line

Cost of goods sold

and in column (a) of Worksheet 2.

Compensation of officers

● Lines 6a through 6l. Enter passive

Salaries and wages

activity deductions.

d. Repairs and maintenance

● Lines 8 and 9. Enter passive activity

Bad debts

losses reported on Schedule D and

Rents

Form 4797.

● Line 10. Enter total deductions and

Taxes and licenses

losses on this line and in column (b) of

Interest

Worksheet 2.

Depreciation

Gross receipts, gains from the sale of

Depletion

business assets, capital gains, and other

Advertising

passive income should also be entered

Other deductions

on the forms and schedules normally

used. Allowable passive activity

Total

deductions.

Add

deductions and losses are entered on

lines 6a through 6l

the forms and schedules after Form

Schedule D losses

8810 is completed and the deductions

Form 4797 losses

and losses are allocated to the activities.

10.

Total

deductions

and

losses. Add lines 7 through 9.

Enter the result here and in

column (b) of Worksheet 2

Worksheet 2

● Columns (a) and (b). Enter in column (a) the total income for the current year shown on line 5 in Worksheet 1 above. Enter in

column (b) the total deductions and losses shown on line 10 in Worksheet 1.

● Column (c). Enter the prior year unallowed losses that can be found in Worksheet 4, column (c) of the 2000 Form 8810

instructions.

● Totals. The total from columns (a), (b), and (c) of Worksheet 2 are entered on lines 1a, 1b, and 1c of Form 8810.

● Columns (d) and (e). Combine income, deductions, and losses in columns (a) through (c) for each activity. Enter any overall

gain in column (d) or any overall loss in column (e). Do not enter the amounts in columns (d) and (e) on Form 8810. These

amounts will be used when Form 8810 is completed to figure the loss allowed for the current year.

Worksheet 2 for Form 8810, Lines 1a, 1b, and 1c

Current year

Prior year

Overall gain or loss

Name of activity

(a) Income

(b) Deductions and

(d) Gain

(e) Loss

(line 1a)

losses (line 1c)

losses (line 1b)

Totals. Enter on lines 1a, 1b, and 1c of

Form 8810

-7-

Instructions For Form 8810 Corporate Passive Activity Loss And Credit Limitations - Department Of The Treasury Page 7

Related Articles

Related forms

Related Categories