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Instructions for Form 8810 Corporate Passive Activity Loss and Credit Limitations
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People also ask
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What is the limitation on passive activity losses?
Under the passive activity rules you can deduct up to $25,000 in passive losses against your ordinary income (W-2 wages) if your modified adjusted gross income (MAGI) is $100,000 or less. This deduction phases out $1 for every $2 of MAGI above $100,000 until $150,000 when it is completely phased out. -
Are corporations subject to passive activity limitations?
Note. Individuals subject to the passive activity rules use Form 8582, Passive Activity Loss Limitations. Personal service corporations and closely held corporations that have losses or credits (including prior year unallowed losses and credits) from passive activities must file Form 8810. Passive activity loss (PAL). -
What are the passive activity loss limitations for 2023?
California law generally conforms to the federal rules for expensing IRC Section 179. However, federal limitation amounts may be different than California limitation amounts. For California purposes, the maximum IRC Section 179 expense deduction allowed for 2023 is $25,000. -
What is a passive activity who is subject to the passive loss limitation rules?
Under U.S. tax law, a passive activity is one that produced income or losses that did not involve any material participation by the taxpayer. For example, if you own farmland but rent it out to a farmer who does all the work, you're making passive income.
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