461 Limitation on Business Losses

Caution: DRAFT—NOT FOR FILING
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Form

461

▶ Attach

Department of the Treasury
Internal Revenue Service

OMB No. XXXX-XXXX

Limitation on Business Losses
▶ Go

2018

to your tax return.

to www.irs.gov/Form461 for instructions and the latest information.

Attachment
Sequence No. XX
Identifying number

Name(s) shown on return

Part I
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DRAFT AS OF
August 31, 2018
DO NOT FILE
Total Income/Loss Items

See instructions if you are filing a tax return other than Form 1040.
Enter amount from Form 1040, line 1 . . . . . . . . . . . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 12 . . . . . . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 13 . . . . . . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 14 . . . . . . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 17 . . . . . . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 18 . . . . . . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 19 . . . . . . . . . . . . . .
Enter other income, gain, or losses from a trade or business not reported on lines 1 through 7
Combine lines 1 through 8. . . . . . . . . . . . . . . . . . . . . . .

Part II

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Adjustment for Amounts Not Attributable to Trade or Business

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See instructions if you are filing a tax return other than Form 1040.
Enter any income or gain reported on lines 1 through 8 that is not attributable to a trade or business
Enter any losses or deductions reported on lines 1 through 8 that are not attributable to a trade or
business. See instructions . . . . . . . . . . . . . . . . . . . . . . . . .

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Subtract line 11 from line 10 .

Part III

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Limitation on Losses

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If line 12 is a negative number, enter it here as a positive number. If line 12 is a positive number,
enter it here as a negative number . . . . . . . . . . . . . . . . . . . . . .

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Add lines 9 and 13 . . . . . . . . . . . . . . . . . .
Enter $250,000 (or $500,000 if married filing jointly) . . . . . . .
Add lines 14 and 15. If less than zero, enter the amount from line 16
Schedule 1 (Form 1040), line 21. See instructions if you are filing a tax
1040. If zero or greater, do not attach this form to your tax return . . .

For Paperwork Reduction Act Notice, see the separate instructions.

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as a positive number on
return other than a Form
. . . . . . . . .
Cat. No. 16654I

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Form 461 (2018)