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Passive activities are those trading and business activities in which the taxpayers do not participate materially. The income from such activities does not include portfolios, investment income and salaries. These activities are responsible for the generation of tax credits. The taxpayers who work on a regular and substantial basis can be disregarded as passive activity participators as these are the features of non-passive activities. Passive Activities – Losses and Credits Related Tax Homework Help Online tells us that passive activities are differentiated into two types. The first type is rentals, in which both the equipment and a rental real estate is considered without considering their level of participation. The second type includes all the businesses in which the taxpayers passively participate without any substantial basis. Passive Activities – Losses and Credits Related Tax Homework Help Online categorizes certain activities as passive. They are
• Equipment leasing – It is the process of using the equipment like machinery, vehicles etc. on a rental basis.
• Sole proprietorship – If a single person owns and runs an enterprise and there is no difference between the business entity and the owner, then it is termed as sole proprietorship.
• S-corporations – The business corporations that forward their losses, deductions, credits and incomes to their shareholders are known as S-corporations. They do so for federal tax purposes.
• Limited liability companies – Limited liability companies are those which are hybrid entities with qualities of a corporation, or partnership, or simply sole proprietorship and the members cannot be held responsible for the company’s liabilities.
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Passive Losses and Passive Credits
Passive activities can be defined as passive losses and passive credits. The Passive losses can stem from only those investments that are made by a non-material participant and passive credit. It is given in Passive Activities – Losses and Credits Related Tax Homework Help Online that passive losses can only be encountered against passive incomes. The tax losses that exceed the income from the passive activities are disallowed for the present year and those losses can be carried ahead to the following taxable year. On the other hand, Passive Activities – Losses and Credits Related Tax Homework Help Online describes passive credits as the equivalent of net passive income. It is an amount of money that the taxpayers deduct from the taxes that they are supposed to pay to the government. Usually, credit-related taxes are granted by the government to promote certain activities like replacement of older equipment with newer efficient ones, to help unfortunate taxpayers etc. According to Passive Activities – Losses and Credits Related Tax Homework Help Online the tax credits are responsible for the reduction of the actual amount that is to be paid as tax.
There are certain categories of credits which are mentioned below. They are
• Publicly traded partnership credits
• Rental real estate credits
• Low-income housing and rehabilitation credits
• Other passive activity credits
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