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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