Get Form It-182 Passive Activity Loss Limitations ... - Tax.ny.gov

This guide provides user-friendly instructions on completing the Form IT-182 Passive Activity Loss Limitations for Nonresidents and Part-Year Residents. Follow the clear steps outlined here to ensure accurate reporting of your passive activity losses.

Follow the steps to successfully complete your form.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin in Part I to enter your passive activity loss details. Start with rental real estate activities. For line 1a, enter your net income from these activities as indicated in Part IV. For line 1b, input the net loss from Part IV. Line 1c asks for any prior years' unallowed losses you may need to report.
3. Calculate the total for line 1d by adding lines 1a, 1b, and 1c. Move on to all other passive activities by repeating the process for lines 2a, 2b, and 2c based on Part V.
4. For line 3, add lines 1d and 2d, then subtract any prior year unallowed commercial revitalization deduction (CRD) if applicable. If this result is zero or higher, you can stop here and submit the form with your return.
5. If line 3 indicates a loss and you must proceed to Part II, input figures carefully as instructed, ensuring to enter all amounts as positive numbers.
6. After completing Part II, move to Part III to calculate total losses allowed, ensuring you refer appropriately to the previous totals.
7. Section IV through IX will require you to provide specific activity details, so be thorough when entering these to reflect your income or loss derived from New York sources.
8. Finally, review all details to ensure accuracy, and you can then save changes, download, print, or share the form as needed.

Complete your Form IT-182 online today to ensure your passive activity losses are accurately reported.