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H&R Block Tax Professionals relentlessly focus on making sure you profit from every deduction and credit available.
Finding answers to your tax questions is now less taxing.
You can reduce income reported on your return by deducting allowable losses from either of these:
The deduction is limited to the money you have at risk in the activity.
The at-risk amount is usually equal to the combined total of these:
The at-risk amount usually doesn't include:
The at-risk rules apply to:
If some of the money you invested isn't at risk, use Form 6198 to figure your allowable loss.
If you'd like to learn more, see Publication 925: Passive Activity and At-Risk Rules at www.irs.gov.