Why would I need form 8582-CR?

Forum|Forum|5 years ago
February 10, 2021
8 replies
43 views

I've never had to use 8582-CR before, so why now?

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JohnW152

Level 15

You must have indicated, by one or more entries in the TurboTax program, that you have one or more passive activity credits.

Form 8582-CR is used to figure the amount of any passive activity credit for the tax year, including any prior year unallowed credits, and the amount of credit allowed for the current year.

Please see the IRS's Instructions for Form 8582-CR for more information.

clpaddock

Level 2

To the best of my knowledge, I have no had any passive income for a number of years. Why would I need a form 8582-cr now?

ThomasM125

Level 15

You may have a carryover loss on a passive activity from a previous year. You can look for form 8582 on your 2020 tax return and see if you have an entry on line 3 of Part 1, which would indicate that you may have passive loss carryovers.

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