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    Buffalo A's Avatar
    Buffalo A Posts: 22, Reputation: 1
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    #1

    Mar 15, 2009, 05:50 AM
    Form 8582 - Passive Activity Losses
    Form 8582 - Passive Activity Losses confuses me? In 2007, my accountant submitted this form, because I had a net loss of $2,000. With my repair work, and estimated deductions, I will take a loss for 2008 as well. What are the rules and my expectations with this form for I am attempting to file myself during these trying times using turbo tax.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 6, 2009, 02:17 PM
    It is IMPOSSIBLE to properly explain how Form 8285 is completed on a forum of this nature.

    Recommend you go back to using your accountant, who seemed to know what he was doing.
    Buffalo A's Avatar
    Buffalo A Posts: 22, Reputation: 1
    New Member
    		  
    #3

    May 6, 2009, 04:29 PM

    I agree with you, sometimes it makes sense to outsource to the experts. However, one thing I learned recently, after attempting this on my own, I have a much greater understanding as to taxes and rental deductions which is more valuable for the future.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    May 7, 2009, 07:37 AM
    If you have a head for numbers and the requisite patience, then you may want to take some tax classes. There are several Web-based tax courses that are relatively inexpensive, yet teach you valuable lessons about our tax system.
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