Get to Know Passive Activity Rules!
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1 Get to Know Passive Activity Rules! Lucy Clark, EA Page 2
2 Code & Regs are like a cookbook! Internal Revenue Code
3 Huh? What s a passive activity? A. Bedroom activity B. Rental real estate C. Equipment leasing D. Business in which TP does not materially participate E. Stocks & bonds Important to know for 1411 Medicare tax
4 Huh? What s a passive activity? B., C. & D. Rental real estate Equipment leasing Business in which TP does not materially participate Important to know for 1411 Medicare tax
5 #1 Rule: Passive losses are deductible only up to A. Portfolio income B. Passive income C. Nonpassive income D. All of the above E. None of the above
6 #1 Rule. Passive losses are deductible only up to B. Passive Income Passive income is good! Permits related and unrelated passive losses to be deducted. BUT Could result in an additional 3.8% tax!
7 So, what s passive income? Hint: It s not interest, dividends, or stock gains. A. Rental income B. Income from a business if TP does not materially participate C. Gain on sale of rental property D. All of the above E. None of the above
8 So, what s passive income? D. All of the above or A, B & C Rental income Income from a business if TP does not materially participate Gain on sale of rental property Net passive income is investment income for 1411 Medicare tax. Interest, dividends & stock gains are, too!
9 Rental real estate gets a special allowance of $. A. $100,000 B. $125,000 C. $150,000 D. Only $25,000 E. No limitation
10 Rental real estate gets a special allowance of $. D. Only $25,000
11 But no $25,000 offset for rental when AGI is more than $. A. $100,000 B. $150,000 C. $50,000 D. $250,000 E. $200,000
12 But no $25,000 offset for rental when AGI is more than $. B. $150,000
13 Rentals are automatically whether or not TP materially participates. A. Allowed B. Nonpassive C. Deductible D. Passive E. Huh?!
14 Rentals are automatically whether or not TP materially participates. D. Passive Except: Rentals of a real estate pro if he materially participated in the rental
15 A real estate pro may group rentals as one single activity, making it easier to materially participate, if he A. Fills in Sch. E line 43 B. Has tax workpapers to prove his intent C. Makes an election on an original return D. Sends the proper form to IRS E. Places all rentals in one column on Sch. E
16 A real estate pro may group rentals as one single activity, making it easier to materially participate, if he C. Makes an election on an original return But Rev. Proc permits a late election!
17 To deduct Sch. C or F business loss, or K-1 line 1 loss, TP must. A. Actively participate B. Have managerial authority C. Be a general partner D. Materially participate E. Be a TMP for TEFRA
18 To deduct a business loss, TP must. D. Materially participate TP materially participates only if he meets 1 of 7 hourly tests!
19 Related businesses may be grouped as ONE. A. Activity B. Sch. E C. Taxpayer D. Problem! E. Don t know
20 Related businesses may be grouped as ONE. A. Activity (economic unit) Makes it easier for TP to meet 500 hour test.
21 Beginning in 2011, to disclose a new group or add to a group, TP must A. Fill out a new IRS form B. Inform IRS via the phone C. Add a statement to his return with names, addresses & EI#s D. Enter the income and expenses all on the same form E. Not a clue!
22 Beginning in 2011, to disclose a new group or add to a group, TP must C. Add a statement to his return with names, addresses & EI#s If TP fails to include a statement grouping related businesses, each business is separate. May be difficult to materially participate.
23 To deduct all passive losses on sale, the disposition must be A. Any one of below B. Entire disposition C. To unrelated party D. All gain/loss realized E. B, C, and D
24 To deduct all passive losses on sale, the disposition must be E. B, C, and D Entire disposition, To unrelated party, AND All gain/loss realized Must meet all 3 tests!
25 Excepted from passive loss rules A. Trader in stocks & bonds B. Timber activities C. Working interest in oil & gas D. Farming activities E. Publicly traded partnerships F. Only A and C
26 Excepted from passive loss rules F. Only A and C Trader in stocks & bonds Working interest in oil & gas
27 PAL Limitations Apply in Full to: A. Individuals B. Estates C. Simple and complex trusts D. All personal service corporations E. Only individuals F. A, B C, and D
28 PAL Limitations Apply in Full to: F. A, B, C, and D A. Individuals B. Estates C. Simple and complex trusts D. All personal service corporations
29
30 That s all folks! THANK YOU! THE END IGNORANTIA JURIS NEMINEM EXCUSAT Ignorance Of The Law Is No Excuse
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