Get 1998 Form 6198. At-risk Limitations

Filling out the 1998 Form 6198 is essential for determining at-risk limitations for tax purposes. This guide provides clear, step-by-step instructions tailored to help users of all experience levels complete the form correctly.

Follow the steps to effectively complete the 1998 Form 6198.

1. Click the ‘Get Form’ button to access the 1998 Form 6198 in an editable format.
2. Enter the name(s) shown on your tax return and your identifying number at the top of the form. This establishes who is submitting the form.
3. Describe the activity in which you are engaged. Refer to the specific instructions provided on page 2 of the form for clarity on what to include.
4. Complete Part I by detailing your current year profit or loss from the activity, including prior year nondeductible amounts. If you have losses, ensure to enter them in parentheses.
5. Next, calculate the current year profit or loss by combining the figures from lines 1 to 4. Ensure all entries are accurate as your calculations will impact the remainder of the form.
6. Proceed to Part II, where you will simplify the computation of the amount at risk. Fill in your adjusted basis as defined in section 1011, and record any increases or decreases for the tax year accordingly.
7. Calculate your amount at risk by subtracting the total decreases from the total increases. If this amount is less than zero, enter zero as your result.
8. If you opted to complete Part III for a more detailed calculation, follow the instructions provided for that section. Fill in your investment in the activity at the effective date, alongside increases and decreases.
9. In Part IV, determine your deductible loss based on the larger amount from line 10b or line 19b. If you do not have a deductible loss, enter zero on line 21.
10. Once all sections are completed, review your entries for accuracy. Save your work, and proceed to download, print, or share the completed form online as required.

Complete your documents online to ensure you meet all filing requirements efficiently.