Document
Proposed Collection; Comment Request for Form 8582
The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take thi...
SUPPLEMENTARY INFORMATION:
Title:
Passive Activity Loss Limitations.
OMB Number:
1545-1008.
Form Number:
8582.
Abstract:Internal Revenue Code section 469 limits the passive activity losses that a taxpayer may deduct. The passive activity losses from passive activities, to the extent that they exceed income from passive activities, cannot be deducted against nonpassive income. Form 8582 is used to figure the passive activity loss allowed and the actual loss to be reported on the tax returns.
Current Actions:
There is no change to the form at this time.
Type of Review:
Extension of a currently approved collection.
Affected Public:
Individuals or households, estates, and trusts.
Estimated Number of Respondents:
250,000.
Estimated Time per Respondent:
3 hours, 30 minutes.
Estimated Total Annual Burden Hours:
875,000.
The following paragraph applies to all of the collections of information covered by this notice:
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.
Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.
Request for Comments:
Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. Comments will be of public record. Comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.
Approved: March 5, 2024.
Martha R. Brinson,
Tax Analyst.