How JustAnswer Works:

 
 
 
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
 
 
 
Ask Randalltax Your Own Question
Randalltax, Enrolled Agent
Category: Tax
Positive Feedback: 95.8 %
Satisfied Customers: 2691
Experience: Over 20 Years experience
Type Your Tax Question Here...
Randalltax is online now
A new question is answered every 9 seconds

Passive activity loss from k1, if there is basis, can you take

Resolved Question:

Passive activity loss from k1, if there is basis, can you take the loss? Or do you have to adjust it against Passive income. I am having a brain freeze, it is not a real estate activity.

Submitted: 1 year ago.
Category: Tax
Expert:  Randalltax replied 1 year ago.


Randalltax :

Passive activity losses can be deducted against ordinary income only if your income is below a certain threshold. If your income is over $100K or so, passive losses will be disallowed, even if you have sufficient basis.

Randalltax :

Form 8582 calculates the allowable portion of a passive loss.

Customer :

Thanks

Randalltax, Enrolled Agent
Category: Tax
Positive Feedback: 95.8 %
Satisfied Customers: 2691
Experience: Over 20 Years experience
Randalltax and 4 other Tax Specialists are ready to help you
Ask Your Own Question Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Positive Feedback:

    99.5 %

    Satisfied Customers:

    563
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2010-12-18_31940_20095644321kumar.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Positive Feedback:

    99.5 %

    Satisfied Customers:

    563
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Positive Feedback:

    100.0 %

    Satisfied Customers:

    3046
    10+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2011-6-30_221052_RWFPHOTO.64x64.jpg TaxAttorneytoHelp's Avatar

    TaxAttorneytoHelp

    Tax Attorney

    Positive Feedback:

    99.3 %

    Satisfied Customers:

    3003
    29 yrs. as tax, real estate, and business attorney
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Positive Feedback:

    100.0 %

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg MyVirtualCPA's Avatar

    MyVirtualCPA

    CPA, CMA, CFE

    Positive Feedback:

    97.6 %

    Satisfied Customers:

    2646
    Graduate Accounting Degree from Ole Miss
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Positive Feedback:

    99.6 %

    Satisfied Customers:

    2501
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Positive Feedback:

    99.2 %

    Satisfied Customers:

    2190
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.