Instructions For Form 8582-Cr - Passive Activity Credit Limitations - Internal Revenue Service - Page 15
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15the activity by the unallowed credit
however, remains available to offset
individual circumstances. The
that reduced the basis of the
the tax attributable to net passive
estimated burden for individual
property.
income.
taxpayers filing this form is approved
under OMB control number
Line 38. Check the box if you elect
Paperwork Reduction Act Notice.
1545-0074 and is included in the
to increase the basis of credit
We ask for the information on this
estimates shown in the instructions
property used in a passive activity by
form to carry out the Internal
for their individual income tax return.
the unallowed credit that reduced the
Revenue laws of the United States.
The estimated burden for all other
property’s basis. The election is
You are required to give us the
taxpayers who file this form is shown
available for a fully taxable disposition
information. We need it to ensure that
below.
of an entire interest in an activity for
you are complying with these laws
which a basis adjustment was made
and to allow us to figure and collect
Recordkeeping . . . . . . .
2 hr., 4 min.
as a result of placing in service
the right amount of tax.
property for which a credit was taken.
Learning about the law
You are not required to provide the
You may elect to increase the basis
or the form . . . . . . . . . .
6 hr., 4 min.
information requested on a form that
of the credit property immediately
Preparing the form . . . . 4 hr., 19 min.
is subject to the Paperwork Reduction
before the disposition (by an amount
Act unless the form displays a valid
no greater than the amount of the
Copying, assembling,
OMB control number. Books or
original basis reduction) to the extent
and sending the form to
records relating to a form or its
that the credit had not been allowed
the IRS . . . . . . . . . . . . .
1 hr., 9 min.
instructions must be retained as long
previously because of the passive
If you have suggestions for making
as their contents may become
activity credit limitations. The amount
this form simpler, we would be happy
material in the administration of any
of the unallowed credit that may be
to hear from you. See the instructions
Internal Revenue law. Generally, tax
applied against tax is reduced by the
for the tax return with which this form
returns and return information are
amount of the basis adjustment.
is filed.
confidential, as required by section
No basis adjustment may be
6103.
elected on a partial disposition of your
The time needed to complete and
interest in a passive activity or if the
file this form will vary depending on
disposition is not fully taxable. The
amount of any unallowed credit,
-15-
Instructions for Form 8582-CR (2010)
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