Passive Activity Loss and At-Risk Limitations – 2017 Law – Course Manual Only

Course Content

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.

Topics Covered

  • 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

Objectives

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

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Section 8.1

Course Manual Only

Course Type:

CPE Tax

Term:

2017 Tax Law

Registration Status:

Registration Open Ends: Wednesday, November 13th, 2019 11:59 PM (PDT)

Course Status

Available Started: Tuesday, November 13th, 2018 11:59 PM (PDT)

Ends: Friday, November 13th, 2020 11:59 PM (PDT)

Course Length:

0 Hours

Course Fees:

Course Materials $3.99
Total $3.99

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

Taxes

Program Level

Intermediate

Prerequisite

Basic tax knowledge

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