Form 461 Limitation on Business Losses

Form

461

Department of the Treasury
Internal Revenue Service

Limitation on Business Losses

OMB No. 1545-2283

2024

Attach to your tax return.

Attachment
Sequence No. 64

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

Identifying number

Name(s) shown on return

Part I
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Total Income/Loss Items

See instructions if you are filing a tax return other than Form 1040 or 1040-SR.
Reserved for future use . . . . . . . . . . . . . . . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 3
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Enter amount from Form 1040 or 1040-SR, line 7. See instructions . . . . . . . . .
Enter amount from Schedule 1 (Form 1040), line 4
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Enter amount from Schedule 1 (Form 1040), line 5
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Enter amount from Schedule 1 (Form 1040), line 6
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Reserved for future use . . . . . . . . . . . . . . . . . . . . . . .
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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11

See instructions if you are filing a tax return other than Form 1040 or 1040-SR.
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 . . . . . . . . . . . . . . . . . . . . . . . . .

12

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 $305,000 (or $610,000 if married filing jointly) . . . . . . . . . . . . . . . . .
Add lines 14 and 15. If less than zero, enter the amount from line 16 as a positive number on Schedule
1 (Form 1040), line 8p. See instructions if you are filing a tax return other than a Form 1040 or 1040-SR.
If zero or greater, do not attach this form to your tax return . . . . . . . . . . . . . . .

For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 16654I

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Form 461 (2024)