Partner'S Instructions For Schedule K-1 (Form 1065-B) - Partner'S Share Of Income (Loss) From An Electing Large Partnership (For Partner'S Use Only) - 2014 Page 8
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131. If you have a loss from a passive
loss can be reported on Schedule D,
Code A2. General partner's net capital
activity in box 9, Code B1, and you meet
line 12. However, if the PTP box is
gain or (loss) from trade or business
all of the following conditions, enter the
checked, report the loss following the
activities. If you did not materially
loss on Schedule E (Form 1040), line 28,
rules for Publicly traded partnerships,
participate in the trade or business activity,
column (f).
earlier.
the net capital gain or (loss) is a passive
activity amount. If the amount is either (a)
a. You actively participated in the
Code B3. General partner's 28% rate
a loss that is not from a passive activity or
partnership rental real estate activities.
gain or (loss) from rental real estate
(b) a gain, report it on Schedule D (Form
See
Special allowance for rental real
activities. The 28% rate gain or (loss)
1040), line 12.
estate
activities, earlier.
from a rental real estate activity is a
passive activity amount unless you were a
If the amount is a loss from a passive
b. Rental real estate activities with
real estate professional and you materially
activity, report it following the Instructions
active participation were your only passive
participated in the activity. If the amount is
for Form 8582 to figure how much of the
activities.
either (a) a loss that is not from a passive
loss can be reported on Schedule D (Form
c. You have no prior year unallowed
activity or (b) a gain, include it on line 4 of
1040), line 12. However, if the PTP box is
losses from these activities.
the 28% Rate Gain Worksheet in the
checked, report the loss following the
d. Your total loss from the rental real
Instructions for Schedule D (Form 1040).
rules for Publicly traded partnerships,
estate activities was not more than
earlier.
If the amount is a loss from a passive
$25,000 (not more than $12,500 if married
activity, report it following the Instructions
Code A3. General partner's 28% rate
filing separately and you lived apart from
for Form 8582 to figure how much of the
gain (loss) from trade or business ac-
your spouse all year).
loss can be included on line 4 of the 28%
tivities. If you did not materially
e. If you are a married person filing
Rate Gain Worksheet in the Instructions
participate in the trade or business activity,
separately, you lived apart from your
for Schedule D (Form 1040). However, if
the 28% rate gain or (loss) is a passive
spouse all year.
the PTP box is checked, report the loss
activity amount. If the amount is either (a)
f.
You have no current or prior year
following the rules for Publicly traded
a loss that is not from a passive activity or
unallowed credits from a passive activity.
partnerships, earlier.
(b) a gain, include it on line 4 of the 28%
g. Your modified adjusted gross
Rate Gain Worksheet in the Instructions
Code B4. General partner's general
for Schedule D (Form 1040).
income was not more than $100,000 (not
credits from rental real estate activi-
more than $50,000 if married filing
ties. Report the general credits on Form
If the amount is a loss from a passive
separately and you lived apart from your
3800, Part lll, line 1bb. Unless you were a
activity, report it following the Instructions
spouse all year).
real estate professional and materially
for Form 8582 to figure how much of the
participated in the rental real estate
loss can be included on line 4 of the 28%
2. If you have a (loss) from a passive
activity, you must also report the general
Rate Gain Worksheet in the Instructions
activity in box 9 and you do not meet all
credits on Form 3800, Part III, as a credit
for Schedule D (Form 1040). However, if
the conditions in (1) above, report the loss
from a passive activity.
the PTP box is checked, report the loss
following the Instructions for Form 8582 to
figure how much of the loss you can report
following the rules for Publicly traded
Code B5. General partner's low-in-
partnerships, earlier.
on Schedule E (Form 1040), line 28,
come housing credit from rental real
column (f). However, if the PTP box is
estate activities. Report the low-income
Code A4. General partner's general
checked, report the loss following the
housing credit on Form 8586, line 4, or
credits from trade or business activi-
rules for Publicly traded partnerships,
Form 3800, Part lll, line 1d, for buildings
ties. Report the general credits on Form
earlier.
placed in service before 2008, and on
3800, Part lll, line 1bb. If you did not
3. If you were a real estate
Form 8586, line 11, or Form 3800, Part lll,
materially participate in the trade or
professional and you materially
line 4d, for buildings placed in service after
business activity, you must also report the
participated in the activity, report box 9
2007. Unless you were a real estate
general credits on Form 3800, Part III, as a
income or (loss) on Schedule E (Form
professional and materially participated in
credit from a passive activity.
1040), line 28, column (h) or (j).
the rental real estate activity, the
Code A5. General partner's alternative
low-income housing credit is a passive
4. If you have income from a passive
minimum tax adjustment from trade or
activity credit.
activity in box 9, Code B1, enter the
business activities. Generally, an AMT
income on Schedule E (Form 1040),
Code B6. General partner's rehabilita-
adjustment must be reported on Form
line 28, column (g). However, if the PTP
tion credit from rental real estate activ-
6251, line 16. However, if the AMT
box is checked, report the income
ities. Report the rehabilitation credit on
adjustment is from a passive activity, it
following the rules for Publicly traded
Form 3468, Investment Credit, line 11m.
must be taken into account on line 19 with
partnerships, earlier.
Unless you were a real estate professional
adjustments and preferences from other
and materially participated in the rental
passive activities.
Code B2. General partner's net capital
real estate activity, the credit is a passive
Code B1. General partner's taxable in-
gain or (loss) from rental real estate
activity credit, and you must also file Form
come (loss) from rental real estate ac-
activities (for the entire year). The net
3800.
tivities. Generally, the income or (loss)
capital gain or (loss) from a rental real
Code B7. General partner's alternative
estate activity is a passive activity amount
reported in box 9, Code B1, is a passive
minimum tax adjustment from rental
unless you were a real estate professional
activity amount for all general partners.
real estate activities. An AMT
However, the income or (loss) in box 9 is
and you materially participated in the
adjustment must be reported on Form
not from a passive activity if you were a
activity. If the amount is either (a) a loss
6251, line 16. However, if the AMT
real estate professional and you materially
that is not from a passive activity or (b) a
adjustment is from a passive activity, it
gain, report it on Schedule D (Form 1040),
participated in the activity.
must be taken into account on line 19 with
line 12.
Use the following instructions to
other passive activities instead of being
determine where to enter the Code B1
If the amount is a loss from a passive
reported on line 16.
amount.
activity, report it following the Instructions
for Form 8582 to figure how much of the
Instructions for Schedule K-1 (1065-B)
-8-
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