How to populate form 8582?

Tbsksoe
Tbsksoe Member Posts: 2 Newcomer
in Filing my taxes

Hello, I had a form 8582 last year (not using freetaxusa) to go along with my Schedule E for a rental property I have. It doesn't look like Freetaxusa populated one for me this year, how can I make sure I populate or add one, or what may have I answered incorrectly so that it's not prompting for one or showing me one. Thank you so much for your help

Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 503

    The Form 8582 is for Passive Activity Losses. The software will automatically calculate your rental losses and apply them to Form 8582 as needed.

  • Tbsksoe
    Tbsksoe Member Posts: 2 Newcomer

    @MatthewD I did have losses, but no 8582 populated. So that is correct? Anyway I can revisit something to doublecheck? Thank you for the help

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 503

    Hello,

    Yes, that is likely correct. The tax software will calculate how much your passive losses are and apply them as allowed. They may have all been applied to 2023.

  • gtc9874
    gtc9874 Member Posts: 1 Newcomer
    edited February 18

    Nevermind

  • brunse8
    brunse8 Member Posts: 1 Newcomer
    https://community.freetaxusa.com/discussion/comment/1971#Comment_1971

    did this end up working? I'm encountering the same problem right now. I don't see how the software could figure it out for me when it doesn't have all the info (unallowed losses)

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 503

    Hi brunse8,

    The software will need all the information in order for passive losses to be calculated. For example, if you have a Schedule K-1 from a partnership or an s-corp, you must answer questions about actively participating. Also, if you have a rental property, you must complete the Rental Income information pages and answer similar questions about being active or not. And entering any passive loss carryovers if this is your first year using the software or you skipped a year using it.

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