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USTaxAdvising
USTaxAdvising, CPA
Category: Tax
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Experience:  US Taxation specialist.
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I am filling out Form 8582 for a single rental property. We

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I am filling out Form 8582 for a single rental property. We have a net loss (rent of 20, expenses of 30, as listed on schedule E for a net loss of $10). On Form 8582 I am required to list on worksheet 3 net profit, net loss, gain and loss. For this rental property should I assume that in the above example I would list the same amount ($10) under columns b and e (net loss and loss)? (I am not eligible for the special exceptions that would allow me to offset ordinary income with passive losses).

USTaxAdvising :

Hello, Thank you for using justanswer. I can assist you with your questions today.

USTaxAdvising :

On Form 8582 I am required to list on worksheet 3 net profit, net loss, gain and loss. - Yes correct you would list the net loss on page 2, worksheet 3 of Form 8582 in column b

USTaxAdvising :

For this rental property should I assume that in the above example I would list the same amount ($10) under columns b and e (net loss and loss)? - Yes correct, the corresponding entry on Form 8582 would be on page 1 Part I (#3 a-d).

USTaxAdvising :

Please let me know if you have any further questions.


 


Best regards,


 

Customer:

Thanks. Related issue. I am filing this form with amended 1040X forms for three separate tax years. Am I better off mailing the three returns in a single envelope so that they are processed together (since the purpose of the amendment for each year is identical) or am I better off mailing them in three separate envelopes so the IRS doesn't get the three amended returns lost or mixed up?

USTaxAdvising : It's perfectly fine to mail all in one envelope.
Customer:

Thanks!

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