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8582 K Kentucky Passive Activity Loss Limitations Form

8582 K Kentucky Passive Activity Loss Limitations Form

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hey there youtube so for this video i wanted to cover irs form 8582 it is the passive activity loss limitations form uh that's generally included with your form 1040 if you are a taxpayer that has an ownership interest in a business and your participation level is that of a passive owner right so you don't materially participate in the company and so if you have losses you've got to be cognizant of these passive activity loss or pal limitations so i've got a sample 85 82 in front of us here with um another with together 10 40 pages as well and then a slide that covers the fact pattern that we're going to look at and you know basically what the form is designed to accomplish so this form uh like i said it's attached where an invest you have a taxpayer that's an investor and a partnership or an escort and their interest in it is of a passive nature right and so it's important to distinguish passive versus non-passive because when you have passive activity losses uh those losses cannot be

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