Passive Activity Loss and At-Risk Limitations – 2017 Law – Course Manual Only
A passive activity as a business activity in which a taxpayer is deemed not to actively participate. Losses sustained in the operation of a passive activity may be limited. Losses sustained in a business activity are also subjected to at-risk rules limitations.
- Determining the amount you have at-risk in an activity
- Items that increase or decrease the amount you have at-risk
- Form 6198 At-Risk Limitations
- Purpose and scope of passive activity rules
- Definition of passive vs. nonpassive income
- How passive activity loss limitations work
- Exception for active participation in rental real estate activities
- Exception for real estate professionals
- Material participation defined
- Preparation of Schedule E, Page 2
- Preparation of Form 8582 Passive Activity Loss Limitations
- Grouping activities
- Sale of a passive activity
- Dispositions other than by sale
- Passive activity credits
- Publicly traded partnerships (PTPs)
- Activities that are not passive activities
- Rental income reportable as self-employment
- Farm rental income
By the conclusion of this course you should be able to:
- Report income and loss amounts from Schedule K-1 on Schedule E Page 2
- Explain how at-risk rules can limit your ability to claim losses sustained from an activity
- Complete Form 6198 At Risk Limits
- Differentiate between a passive and nonpassive activity
- Explain how passive activity loss rules apply to income and losses from rental property and other passive activities
- Compute the amount of allowed loss on disposition of part or all of a passive activity
- Complete Form 8582 Passive Activity Loss Limitations
- Explain the passive loss rules that apply to active participation in a rental activity
- Describe special rules which apply to real estate professionals
- Describe how grouping of activities may affect income reporting for passive and nonpassive activities
- Explain when to report farm rental income on Form 4835
The course manual is delivered as a PDF document which you can download and print.
Course Manual Only
2017 Tax Law
Ends: Wednesday, November 13th, 2019 11:59 PM (PDT)
Started: Tuesday, November 13th, 2018 11:59 PM (PDT)
Ends: Friday, November 13th, 2020 11:59 PM (PDT)
Course Credits: 0
No CE is awarded with the purchase of this manual. You must enroll in and complete the full version of this course to received CE.
Field of Study
Basic tax knowledge
Disclosures and School Policies
Terms of Enrollment
Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students taking continuing education courses shall have twelve months from date of enrollment to successfully complete the course and receive their Certificate of Completion. Students taking the federal only portion or the Oregon 80 Hour Basic Tax Course students have nine months from the date of enrollment to sucessfully complete the course.
Basic Tax Law
Students taking any Basic Tax Law course, agree to comply with all Terms of Enrollment outlined the enrollment agreement form for that course, a link to which can be found on the catalog page for each Basic Tax course.
Prerequisites & Advance Preparation
Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School’s catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/
Continuing professional education courses including interactive, non-interactive and correspondence program fees are non-refundable and non-transferable. Webinars/Webcasts are non-transferable and in most cases non-refundable. A student may choose to be switched to another Webinar/Webcast of equal or lesser value if a conflict with the scheduled time exists. In the case of a missed Webinar/Webcast a request to transfer to a new Webinar/Webcast must be made with 48 hours of when the Webinar/Webcast aired. Refunds will be issued ONLY prior to the start of the Webinar/Webcast. A $15.00 processing fee will be withheld from all refund amounts. For more information regarding administration policies including complaints and refunds, please contact our offices at 503-646-5600.
Pacific Northwest Tax School gives the highest priority to delivering quality education programs. If you have concerns about our programs please contact the Pacific Northwest Tax School Education Coordinator at: firstname.lastname@example.org
Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists. Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Credit hours are subject to change without notice.