Form It-182 - Passive Activity Loss Limitations For Nonresidents And Part-Year Residents - 2014 Page 4
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4Page 4 of 4 IT-182 (2014)
Instructions
General instructions
Part II – Special allowance for rental real estate activities
with active participation
New York State Tax Law conforms to the passive activity loss rules
Use Part II to compute the maximum amount of rental loss allowed
for federal purposes. However, any deduction for a passive activity
loss (PAL) for a nonresident or part-year resident must be recomputed
for New York purposes if you have a net loss from a rental real estate
to determine the amount that is allowed if the federal adjusted gross
activity with active participation. Enter all numbers in Part II as positive
amounts (greater than zero).
income took into account only items of income, gain, loss, or deduction
derived from or connected with New York sources.
See the instructions for federal Form 8582 for specific line instructions
and examples.
Purpose of form
Line 6 – Married persons filing separate returns who lived apart from
Nonresident or part-year resident individuals, estates or trusts must file
their spouses at all times during the year must enter $75,000 on line 6
Form IT-182, Passive Activity Loss Limitations, to report the amount of
instead of $150,000. Married persons filing separate returns who lived
allowed passive activity losses from New York sources for the current tax
with their spouses at any time during the year are not eligible for the
year.
special allowance. Leave line 10 blank and go to line 15.
It is possible, because of the above rules, for a nonresident to have
Line 7 – See the instructions for federal Form 8582 to compute your
a PAL for New York State without having a PAL for federal purposes,
federal modified adjusted gross income. Enter on line 7 your modified
or to have a New York State PAL that is larger or smaller than the
adjusted gross income using only those amounts derived from or
corresponding federal PAL. A nonresident or part-year resident
connected with New York sources.
individual, estate or trust claiming a PAL for New York State purposes but
not for federal income tax purposes must file Form IT-203, Nonresident
Line 9 – Do not enter more than $12,500 on line 9 if you are married
filing a separate return and you and your spouse lived apart at all times
and Part-Year Resident Income Tax Return, or Form IT-205, Fiduciary
during the year. Married persons filing separate returns who lived with
Income Tax Return, to report the carryover of any PAL derived from or
their spouses at any time during the year are not eligible for the special
connected with New York sources.
allowance. Leave line 10 blank and go to line 15.
If you were a part-year resident, you must recalculate your PAL
limitations as if separate federal returns were filed for your resident and
Part III – Special allowance for commercial revitalization
nonresident periods using only those items of income, gain, loss, or
deductions from rental real estate activities
deduction attributable to each period. For the resident period, compute
the New York PAL using only those items of income, gain, loss, and
Use Part III to compute the maximum amount of commercial
revitalization deductions allowed if you have a commercial revitalization
deduction that would have been reported if a separate federal return
was filed for the period of New York State residence. For the nonresident
deduction (CRD) from a rental real estate activity within New York State.
period, compute the New York PAL using only those items of income and
For more information about the CRD, see the instructions for federal
Form 8582, or section 1400I of the Internal Revenue Code.
loss derived from or connected with New York sources.
Generally, losses from passive activities are subject to other limitations,
Enter all numbers in Part III as positive amounts (greater than zero).
such as basis and at-risk limitations, before they are subject to the
Line 11 – If you are married filing a separate return and you and your
passive loss limitations. Once a loss becomes allowable under these
spouse lived apart at all times during the year, enter $12,500 (reduced
other limitations, you must determine whether the loss is limited under
by the amount, if any, on line 10). Married persons filing separate returns
the passive loss rules. See the instructions for federal Form 6198,
who lived with their spouses at any time during the year are not eligible
At-Risk Limitations, and federal Publication 925, Passive Activity and
for the special allowance. Leave line 14 blank and go to line 15.
At-Risk Rules, for details on the at-risk rules.
Part IV – Total losses allowed
Specific instructions
Use Part IV to compute the amount of the PAL from New York sources
See the instructions for your tax return for the Privacy notification or if
(as determined in Part I) allowed for this year.
you need help contacting the Tax Department.
Line 16 – Use the worksheets provided with this form and the
instructions for Part IV of federal Form 8582, Worksheet 1 through
Before completing Form IT-182, compute your federal PAL limitation
using federal Form 8582, Passive Activity Loss Limitations, and the
Worksheet 7, to calculate the unallowed loss from New York sources
federal worksheets attached to Form 8582. Then complete Form IT-182
to be carried forward and the allowed loss from New York sources of
each activity. Report the amounts allowed in the New York State amount
and the New York worksheets attached to Form IT-182 using only
column of Form IT-203 or on Form IT-205-A, Fiduciary Allocation.
those activities included on federal Form 8582 derived from or connected
with New York sources. Part-year residents see General instructions above.
Complete the worksheets provided with this form, using only those items
If you were not required to file federal Form 8582 due to one of the
of income or loss derived from or connected with New York sources.
(Also see Part IV of the instructions for federal Form 8582.)
exceptions described in the instructions for federal Form 8582, complete
the federal worksheets attached to Form 8582 as if you were required
How to report allowed losses – See How To Report Allowed Losses
to file the federal form. Then complete Form IT-182 using only those
in the instructions for federal Form 8582. Follow the instructions and
activities derived from or connected with New York sources.
use Worksheet 6 and Worksheet 7 to identify the amount of allowed
losses from each activity from New York sources. Report the recomputed
Part I – Passive activity loss
amounts of the New York allowed loss for each activity in the New York
State amount column of Form IT-203 or on Form IT-205-A on the same
Use Part I to combine the net income and net loss from all New York
passive activities to determine if you have a PAL from New York sources
line on which the loss was reported for federal purposes.
for this year.
Submit Form IT-182 with your Form IT-203 or Form IT-205.
Enter the amounts on lines 1a through 4 using Worksheets 1, 2, and 3
Retention of records – Keep a copy of Form IT-182 and the worksheets
on page 2.
used to calculate the amounts reported on Form IT-203 or on
Form IT-205-A for three years after the sale or disposition of all activities
Worksheets 1, 2, and 3. Enter the name of the activity or the description
and address of the property. Enter the acquisition date and the sale
included on the form.
date in Worksheets 1 and 3, if applicable, of rental real estate activity
in the columns indicated. See the instructions for federal Form 8582 for
specific line instructions and examples for completing the worksheets.
Complete the worksheets using only those items of income, gain, loss,
or deduction derived from or connected with New York sources.
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