Form 6198

Form 6198

A form one files with the IRS to claim profit or loss in the current year for capital put at risk in a previous year. A loss listed on Form 6198 may be tax deductible up to the amount of the capital put at risk originally.
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Although there is no formal ordering rule for deducting losses subject to the at-risk rules, the instructions to Form 6198 require a pro rata share of each type of loss limited by the at-risk rules be carried forward.
Ideas for tax topics are solicited from the staff, and the gatherings may include a more in-depth discussion of, for example, dependent rules and education credits, or Form 6198 and at-risk limitations.