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Disposal of a passive activity is not shown on Form 8582
Scenario
Your client has disposed of a passive activity this year, but the sale doesn't appear on Form 8582.
Cause
You don't need to report the disposal. Refer to the Reporting an Entire Disposition on Schedule D or Form 4797 section of the Form 8582 instructions for reporting requirements.
According to the instructions, you don't need to report the following situations on Form 8582 or the worksheets:
- The client disposed of the activity at an overall loss.
- The client disposed of the activity with an overall gain, and this activity was the only passive or former passive activity.
UltraTax CS reports the overall gain on disposal from only 1 passive activity on the 8582 but doesn't print the 8582. There are no effects on income, loss, or the tax calculation.