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dave013153
New Member

How do I remove deduction on form 8582 Part II. Can I opt out of this special allowance?

Can I opt out of the special allowance deduction on Part II of Form 8582.  I do not need to take the loss on my current year tax return and would rather carry it forward.  Currently it is taking the full $25,000 loss deduction.

1 Reply
Critter
Level 15

How do I remove deduction on form 8582 Part II. Can I opt out of this special allowance?

You must use the form and take the deduction it is not optional ... however if this puts you into an NOL situation then you will have that to work with. 

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