AMT part 2, what deductions are phased out?

newellcr · 05-31-2007, 10:11 AM

Thread 2…

What deductions are phased out and when with the AMT? Specifically, we have a lot of non-cash contributions and we are thinking about buying a rental property. Anyone have a link that describes the AMT and the impact?

Thanks,

Chris

**Martha** · 05-31-2007, 10:29 AM

The Fairmark site has a really good discussion of AMT and what deductions are disallowed. Top Ten Things That Cause AMT Liability

Your schedule E deductions for your rental property will not be affected by AMT.

calmloki · 05-31-2007, 12:45 PM

Quote:

Originally Posted by Martha

The Fairmark site has a really good discussion of AMT and what deductions are disallowed. Top Ten Things That Cause AMT Liability

Your schedule E deductions for your rental property will not be affected by AMT.

OOooo! Very nice site - I like the information about AMT and long term capitol gains (property sale): AMT and Long-Term Capital Gain

lindalou · 05-31-2007, 01:48 PM

H&R Block has an online AMT estimator here for 2006

http://www.hrblock.com/taxes/tools/2...tcalc/main.jsp

It's not for 2007 and I don't know how accurate it is, but I've played around with it some running various scenarios and it seems ok.

Linda

lindalou · 05-31-2007, 01:51 PM

Sorry - I'm new here and I don't know how to post a link

H&R Block 2006 Alternative Minimum Tax (AMT) Calculator

Linda

Spanky · 05-31-2007, 07:11 PM

I vote in favor of a flat-tax rate system without any exceptions.

05-31-2007, 10:11 AM	#1
newellcr Recycles dryer sheets Join Date: Aug 2003 Posts: 183	AMT part 2, what deductions are phased out? Thread 2… What deductions are phased out and when with the AMT? Specifically, we have a lot of non-cash contributions and we are thinking about buying a rental property. Anyone have a link that describes the AMT and the impact? Thanks, Chris

05-31-2007, 10:29 AM	#2
Martha Administrator Join Date: Feb 2004 Location: minnesota Posts: 9,857	The Fairmark site has a really good discussion of AMT and what deductions are disallowed. Top Ten Things That Cause AMT Liability Your schedule E deductions for your rental property will not be affected by AMT. __________________ . Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.

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05-31-2007, 01:48 PM	#4
lindalou Confused about dryer sheets Join Date: May 2007 Posts: 5	H&R Block has an online AMT estimator here for 2006 http://www.hrblock.com/taxes/tools/2...tcalc/main.jsp It's not for 2007 and I don't know how accurate it is, but I've played around with it some running various scenarios and it seems ok. Linda

05-31-2007, 01:51 PM	#5
lindalou Confused about dryer sheets Join Date: May 2007 Posts: 5	Sorry - I'm new here and I don't know how to post a link H&R Block 2006 Alternative Minimum Tax (AMT) Calculator Linda

05-31-2007, 07:11 PM	#6
Spanky Thinks s/he gets paid by the post Join Date: Dec 2004 Location: Minneapolis Posts: 2,784	I vote in favor of a flat-tax rate system without any exceptions.

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