| Pub. 925, Passive Activity and At-Risk Rules |
2004 Tax Year |
Introductory Material
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
What's New
Definition of at-risk amounts expanded. The following rules apply to amounts borrowed after May 3, 2004.
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You must file Form 6198 if you are engaged in an activity included in (6) under Activities Covered by the At-Risk Rules and you
have borrowed certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts in this
publication.
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You may be considered at risk for certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts
secured by real property used in the activity of holding real property (other than mineral property) that, if nonrecourse,
would be qualified
nonrecourse financing.
Reminder
Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of
missing children
selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children
home by looking at the
photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.
Introduction
This publication discusses two sets of rules that may limit the amount of your deductible loss from a trade, business, rental,
or other
income-producing activity. The first part of the publication discusses the passive activity rules. The second part discusses
the at-risk rules.
However, when you figure your allowable losses from any activity, you must apply the at-risk rules before the passive activity
rules.
Comments and suggestions.
We welcome your comments about this publication and your suggestions for future editions.
You can write to us at the following address:
Internal Revenue Service
Individual Forms and Publications Branch
SE:W:CAR:MP:T:I
1111 Constitution Ave. NW, IR-6406
Washington, DC 20224
We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number,
including the area code, in
your correspondence.
You can email us at
*[email protected]. (The asterisk must be included in the
address.) Please put “ Publications Comment” on the subject line. Although we cannot respond individually to each email, we do appreciate your
feedback and will consider your comments as we revise our tax products.
Tax questions.
If you have a tax question, visit
www.irs.gov or call 1-800-829-1040. We cannot answer tax questions at either
of the addresses listed above.
Ordering forms and publications.
Visit
www.irs.gov/formspubs
to download forms and publications, call 1-800-829-3676, or write to one of the three addresses shown under How To Get Tax Help in the back
of this publication.
Useful Items - You may want to see:
Form (and Instructions)
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4952
Investment Interest Expense Deduction
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6198
At-Risk Limitations
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8582
Passive Activity Loss Limitations
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8582-CR
Passive Activity Credit Limitations
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8810
Corporate Passive Activity Loss and Credit Limitations
See How To Get Tax Help near the end of this publication for information about getting these publications and forms.
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