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Last minute AMT question
Old 12-30-2007, 07:31 PM   #1
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Last minute AMT question

I sold a house this year (2007) and it's very likely I'll have to pay AMT. I've been paying hefty estimated taxes in anticipation of this and had a sudden thought today. Should I prepay my last 2007 installment tomorrow - Dec 31, 2007 - (due Jan 15, 2008 or leave it till after the 1st and deduct it next year when I won't be paying AMT? :confused: I heard that Ca state taxes are not deductable when you are in AMT territory so they'd be wasted if I paid them this year.
Thnx in advance and Happy New Year!!! Outta
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Old 12-30-2007, 07:47 PM   #2
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The only way to know for sure is to run a sample set of numbers, but my gut feeling is not to prepay the estimates.
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Old 12-30-2007, 08:26 PM   #3
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Mine too - thanks, Martha - you're a pal! Outta
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Old 12-30-2007, 08:32 PM   #4
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For anyone else that is doing the LAST minute AMT planning, look at the AMT FAQ on this board http://www.early-retirement.org/foru...amt-30653.html and also look at the Fairmark site which has a nice article on the top 10 things that cause AMT liability:
Top Ten Things That Cause AMT Liability

Careful when bunching deductions in one year. The FAQ has a couple of threads on that issue.
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