Discussion:At Risk Limitation and Form 6198
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| Revision as of 15:00, 18 October 2007 Kevinh5 (Talk | contribs) (Is the loss unal) ← Previous diff |
Revision as of 15:09, 18 October 2007 Skq9545 (Talk | contribs) (Her rental would) Next diff → |
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| {{ForumReplyPost|UserID=Kevinh5|Date=18 October 2007|Text=Is the loss unallowed for PAL reasons?}} | {{ForumReplyPost|UserID=Kevinh5|Date=18 October 2007|Text=Is the loss unallowed for PAL reasons?}} | ||
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| + | {{ForumReplyPost|UserID=Skq9545|Date=October 18, 2007|Text=Her rental would be a passive activity. It is not a trade or business activity. I will look at the rules under Form 8582 to see what is going on there. }} | ||
Revision as of 15:09, 18 October 2007
Discussion Forum Index --> Basic Tax Questions --> At Risk Limitation and Form 6198
Discussion Forum Index --> Tax Questions --> At Risk Limitation and Form 6198
| October 18, 2007 | |
| I have researched for previous discussions under "At Risk Limitations" and Form 6198. I picked up a new client and was looking through last years tax return and find that a 6198 was filed. The client owns a rental home which did generate a loss for past 2 years as well as the current year. I read the instructions for Schedule E along with the Publication 925. It seems to me that if she has a mortgage on the property, it is all at risk. Am I interpreting something incorrectly? Lacerte generated the Schedule and Form 8582 for me based on my input. The other accountant picked up the loss carryforward on Form 6198 under "Other".
Thanks for your input. Skq9545 09:53, 18 October 2007 (CDT) | |
| October 18, 2007 | |
| Her rental would be a passive activity. It is not a trade or business activity. I will look at the rules under Form 8582 to see what is going on there. | |
