Form 8582 - Passive Activity Loss Limitations

Forms and Documents

Document Name	Status
Form Form 8582 Passive Activity Loss Limitations Form	Modified
SUP STAT (Form 8582) - final.docx Supporting Statement A	2024-07-25

IC Document Collections

IC ID	Document Title	Status
39964	Passive Activity Loss Limitations Form	Modified

ICR Details

OMB Control No: 1545-1008	ICR Reference No: 202407-1545-004
Status: Received in OIRA	Previous ICR Reference No: 202102-1545-024
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8582 - Passive Activity Loss Limitations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/31/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	07/31/2024
Responses	400,000	250,000
Time Burden (Hours)	1,280,000	875,000
Cost Burden (Dollars)	0	0

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Abstract: Internal Revenue Code (IRC) Section 469 limits the passive activity losses or credit that a taxpayer may deduct and provides that unallowed losses or credit may be applied in the next taxable year. Treasury Regulations Sections 1.469-1 and 1.469-1T provide the general rules for determining passive activity losses and credits. Form 8582 is used by individuals, estates, and trusts to figure the amount of passive activity loss for the current tax year and to report the application of prior year unallowed passive activity loss.

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Authorizing Statute(s): US Code: 26 USC 469 Name of Law: Passive activity losses and credits limited
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 18484	03/13/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 61586	07/31/2024
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Passive Activity Loss Limitations	Form 8582	Passive Activity Loss Limitations

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	400,000	250,000	0	0	150,000	0
Annual Time Burden (Hours)	1,280,000	875,000	0	-75,000	480,000	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Forms

Short Statement: Form 8582 was revised to remove the expired commercial revitalization deductions, removing 13 lines from the form. This reduces the burden by 75,000 hours due to Agency Discretion. The estimated number of responses was updated based on current filing data. This increases the number of responses by 150,000 and the burden hours by 480,000 annually due to Agency Estimate.

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Annual Cost to Federal Government: $119,794

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/31/2024

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