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AMT part 2, what deductions are phased out?
Old 05-31-2007, 10:11 AM   #1
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AMT part 2, what deductions are phased out?

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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
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Old 05-31-2007, 10:29 AM   #2
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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.
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Old 05-31-2007, 12:45 PM   #3
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Quote:
Originally Posted by Martha View Post
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
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Old 05-31-2007, 01:48 PM   #4
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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
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Old 05-31-2007, 01:51 PM   #5
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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
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Old 05-31-2007, 07:11 PM   #6
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I vote in favor of a flat-tax rate system without any exceptions.
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