Instructions For Form 8582-Cr - Passive Activity Credit Limitations - 2008 Page 6
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15Step 3. Mr. Jones follows the instructions for Worksheet 3 and enters the total credits from column (a) of that worksheet on Form
8582-CR, line 3a. He enters the total credits on line 3c and completes lines 5 through 7. Mr. Jones can skip Parts II and III and go to
Part IV because the only credit he has is from a post-1989 low-income housing credit. He must also complete the computation for line
35 in the instructions to get the amount to enter on line 35 of the form (see page 7).
Passive Activity Credit Limitations
OMB No. 1545-1034
8582-CR
Form
2008
See separate instructions.
Attachment
Department of the Treasury
89
Attach to Form 1040 or 1041.
Sequence No.
Internal Revenue Service
Name(s) shown on return
Identifying number
John and Mary Jones
123-00-4567
Part I
2008 Passive Activity Credits
Caution: If you have credits from a publicly traded partnership, see Publicly Traded Partnerships (PTPs) on page 14
of the instructions.
Credits From Rental Real Estate Activities With Active Participation (Other Than Rehabilitation
Credits and Low-Income Housing Credits) (See Lines 1a through 1c on page 9.)
1a
1a
Credits from Worksheet 1, column (a)
1b
b Prior year unallowed credits from Worksheet 1, column (b)
c
Add lines 1a and 1b
1c
Rehabilitation Credits From Rental Real Estate Activities and Low-Income Housing Credits for
Property Placed in Service Before 1990 (or From Pass-Through Interests Acquired Before 1990)
(See Lines 2a through 2c on page 9.)
2a
2a Credits from Worksheet 2, column (a)
2b
b Prior year unallowed credits from Worksheet 2, column (b)
c Add lines 2a and 2b
2c
Low-Income Housing Credits for Property Placed in Service After 1989 (See Lines 3a through
3c on page 9.)
12,000
3a
3a
Credits from Worksheet 3, column (a)
3b
b
Prior year unallowed credits from Worksheet 3, column (b)
12,000
c
Add lines 3a and 3b
3c
All Other Passive Activity Credits (See Lines 4a through 4c on page 9.)
4a
4a
Credits from Worksheet 4, column (a)
4b
b
Prior year unallowed credits from Worksheet 4, column (b)
c
Add lines 4a and 4b
4c
12,000
5
5
Add lines 1c, 2c, 3c, and 4c
-0-
6
6
Enter the tax attributable to net passive income (see page 10)
12,000
7
7
Subtract line 6 from line 5. If line 6 is more than or equal to line 5, enter -0- and see page 10
Note: If your filing status is married filing separately and you lived with your spouse at any time
during the year, do not complete Part II, III, or IV. Instead, go to line 37.
Part IV
Special Allowance for Low-Income Housing Credits for Property Placed in Service After 1989
Note: Complete this part only if you have an amount on line 3c. Otherwise, go to Part V.
12,000
31
31
If you completed Part III, enter the amount from line 19. Otherwise, subtract line 16 from line 7
-0-
32
32
Enter the amount from line 30
12,000
33
33
Subtract line 32 from line 31. If zero, enter -0- here and on line 36
12,000
34
34
Enter the smaller of line 3c or line 33
8,250
35
35
Tax attributable to the remaining special allowance (see page 13)
36
Enter the smaller of line 34 or line 35
8,250
36
-6-
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