Fillable Form 8582-K - Kentucky Passive Activity Loss Limitations

2015

8582-K

*1500030025*

42A740-S18

ENTUCKY

Department of Revenue

ASSIVE

CTIVITY

OSS

IMITATIONS

➤ See federal instructions and worksheets for Form 8582.

➤ Attach to Form 740, 740-NP or 741.

Enter name(s) as shown on tax return.

Social Security or Federal Identification Number

PART I—2015 Passive Activity Loss (See instructions on reverse.)

Rental Real Estate Activities With Active Participation (For the definition of active participation, see Active

Participation in a Rental Real Estate Activity in the federal instructions.)

1. (a) Activities with net income (from worksheet 1, column (a)) ...................................... 1(a)

(b) Activities with net loss (from worksheet 1, column (b)) ............................................ 1(b) (

00)

(d) Combine lines 1(a) through 1(c) ......................................................................................................................1(d)

Commercial Revitalization Deductions From Rental Real Estate Activities

2. (a) Commercial revitalization deductions from worksheet 2, column (a) ...................... 2(a) (

00)

(b) Prior year unallowed commercial revitalization deductions from

worksheet 2, column (b) ............................................................................................... 2(b) (

00)

(c) Add lines 2(a) and 2(b) ..................................................................................................................................... 2(c) (

00)

All Other Passive Activities

3. (a) Activities with net income (from worksheet 3, column (a)) ...................................... 3(a)

(b) Activities with net loss (from worksheet 3, column (b)) ............................................ 3(b) (

00)

(d) Combine lines 3(a) through 3(c) ......................................................................................................................3(d)

4. Combine lines 1(d), 2(c) and 3(d). If the result is net income or zero, all losses are allowed, including

any prior year unallowed losses entered on line 1(c), 2(b) or 3(c). Do not complete Form 8582-K. Report

the losses on the forms and schedules normally used ......................................................................................... 4

•

If line 4 is a loss and:

line 1(d) is a loss, go to Part II.

•

line 2(c) is a loss (and line 1(d) is zero or more), skip Part II and go to Part III.

•

line 3(d) is a loss (and lines 1(d) and 2(c) are zero or more), skip Parts II and III and go to line 15.

Caution: 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 or Part III. Instead, go to line 15.

PART II—Special Allowance for Rental Real Estate With Active Participation

Note: See federal instructions for how to treat numbers as positive amounts in Part II.

5. Enter the smaller of the loss on line 1(d) or the loss on line 4 ............................................................................. 5

6. Enter $150,000; $75,000 if married filing separately or separate on a combined return ... 6

7. Enter modified adjusted gross income, but not less than zero (see federal

instructions). If line 7 is equal to or greater than line 6, skip lines 8 and 9,

enter zero on line 10. Otherwise, go to line 8 ..................................................................... 7

8. Subtract line 7 from line 6 .................................................................................................... 8

9. Multiply line 8 by 50% (.5). Do not enter more than $25,000;

$12,500 if filing separately or separate on a combined return ............................................................................ 9

10. Enter the smaller of line 5 or line 9. If line 2(c) is a loss, go to Part III. Otherwise, go to line 15 ....................... 10

PART III—Special Allowance for Commercial Revitalization Deductions From Rental Real Estate Activities

Note: See federal instructions for how to treat numbers as positive amounts in Part III.

11. Enter $25,000 reduced by the amount, if any, on line 10. If married filing separately, see instructions ...........11

12. Enter the loss from line 4 ........................................................................................................................................ 12

13. Reduce line 12 by the amount on line 10 ............................................................................................................... 13

14. Enter the smallest of line 2(c) (treated as a positive amount), line 11 or line 13 ................................................ 14

PART IV—Total Losses Allowed

15. Add the income, if any, on lines 1(a) and 3(a) and enter the total ....................................................................... 15

16. Total losses allowed from all passive activities for 2015. Add lines 10, 14 and 15. Form 740 filers

see reverse; other filers see federal instructions on how to report the losses on your tax return ................... 16