AMT part 2, what deductions are phased out?

[newellcr]

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]

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]

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]

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

http://www.hrblock.com/taxes/tools/2006_amtcalc/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]

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]

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