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Hello, I have passive loss carry forward, sold property in 2016 and dollar amount shows on Sch E but form 8582 does not print. Thank you, Tom

Forum|Forum|7 years ago
June 6, 2019
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Best answer by TaxGuyBill

If the combine income for that property (including the carryover loss) results in an overall loss, Form 8582 is not required when it is sold.

From the Instructions for Form 8582:

If you have an overall loss when you combine the income and losses, don’t use the worksheets or Form 8582 for the activity. All losses (including prior year unallowed losses) are allowed in full. Report the income and losses on the forms and schedules normally used.

https://www.irs.gov/instructions/i8582/ch01.html#d0e912

T

TaxGuyBillAnswer

Employee

If the combine income for that property (including the carryover loss) results in an overall loss, Form 8582 is not required when it is sold.

From the Instructions for Form 8582:

If you have an overall loss when you combine the income and losses, don’t use the worksheets or Form 8582 for the activity. All losses (including prior year unallowed losses) are allowed in full. Report the income and losses on the forms and schedules normally used.

https://www.irs.gov/instructions/i8582/ch01.html#d0e912