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Former passive activities
For former passive activities, UltraTax CS calculates income or loss for non-passive activities with passive loss carryovers. This follows the guidelines in the Form 8582 Instructions.
A former passive activity is any activity that was a passive activity in a prior tax year but not in the current tax year. A prior-year unallowed loss from a former passive activity is allowed to the extent of current-year income from the activity.
- If current-year net income from the activity is less than the prior-year unallowed loss, enter the prior-year unallowed loss and any current-year net income from the activity on Form 8582 and on the worksheets.
- If current-year net income from the activity is more than or equal to the prior-year unallowed loss from the activity, report the income and loss on the forms and schedules normally used.importantDon't enter the amounts on Form 8582.
- If the activity has a net loss for the current year, enter the prior-year unallowed loss (but not the current-year loss) on Form 8582 and on the worksheets.