Form 8582 - Passive Activity Loss Limitations - 1999
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38582
Passive Activity Loss Limitations
OMB No. 1545-1008
Form
1999
See separate instructions.
Attachment
Department of the Treasury
88
Attach to Form 1040 or Form 1041.
(99)
Sequence No.
Internal Revenue Service
Name(s) shown on return
Identifying number
Part I
1999 Passive Activity Loss
Caution: See the instructions for Worksheets 1 and 2 on page 7 before completing Part I.
Rental Real Estate Activities With Active Participation (For the definition of active participation
see Active Participation in a Rental Real Estate Activity on page 3.)
1a
Activities with net income (enter the amount from Worksheet 1,
1a
column (a))
b
Activities with net loss (enter the amount from Worksheet 1,
(
)
1b
column (b))
c
Prior years unallowed losses (enter the amount from Worksheet
(
)
1c
1, column (c))
d
Combine lines 1a, 1b, and 1c
1d
All Other Passive Activities
2a
Activities with net income (enter the amount from Worksheet 2,
2a
column (a))
b
Activities with net loss (enter the amount from Worksheet 2,
(
)
2b
column (b))
c
Prior years unallowed losses (enter the amount from Worksheet
(
)
2c
2, column (c))
d
Combine lines 2a, 2b, and 2c
2d
3
Combine lines 1d and 2d. If the result is net income or zero, all losses are allowed, including any
prior year unallowed losses entered on line 1c or 2c. Do not complete Form 8582. Take the losses
to the form or schedule you normally report them on.
If this line and line 1d are losses, go to Part II. Otherwise, enter -0- on line 9 and go to line 10
3
Part II
Special Allowance for Rental Real Estate With Active Participation
Note: Enter all numbers in Part II as positive amounts. See page 7 for examples.
Note: If your filing status is marr ied filing separately and you lived with your spouse at any time
dur ing the year, do not complete Part II. Instead, enter -0- on line 9 and go to line 10.
4
4
Enter the smaller of the loss on line 1d or the loss on line 3
5
5
Enter $150,000. If married filing separately, see page 7
6
Enter modified adjusted gross income, but not less than zero (see
6
page 7)
Note: If line 6 is greater than or equal to line 5, skip lines 7 and
8, enter -0- on line 9, and go to line 10. Otherwise, go to
line 7.
7
7
Subtract line 6 from line 5
8
Multiply line 7 by 50% (.5). Do not enter more than $25,000. If married filing separately, see
8
page 8
9
Enter the smaller of line 4 or line 8
9
Part III
Total Losses Allowed
10
10
Add the income, if any, on lines 1a and 2a and enter the total
11
Total losses allowed from all passive activities for 1999. Add lines 9 and 10. See page 9 to
find out how to report the losses on your tax return
11
8582
For Paperwork Reduction Act Notice, see page 11.
Cat. No. 63704F
Form
(1999)
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