Roberts Posted February 21, 2020 Report Posted February 21, 2020 I've inherited a client: They have a passive loss carry forward on rental property. Well that's obvious. They also has a passive loss carry forward on the same rental property listed as for Alternative Minimum Tax which is more money than the normal loss carry forward. I looked back 5 years and it's the same difference to the normal carry forward every year. Is that a thing? My software doesn't recognize this from what I can tell. I can enter it in my notes on the return to show that this is still out there but I don't see another way to report it. Quote
Abby Normal Posted February 21, 2020 Report Posted February 21, 2020 AMT is essentially dead (for now). I have not had a client hit AMT since 2017. Not sure what caused the difference, unless it was depreciation. Quote
Roberts Posted February 23, 2020 Author Report Posted February 23, 2020 On 2/21/2020 at 2:27 PM, Abby Normal said: AMT is essentially dead (for now). I have not had a client hit AMT since 2017. Not sure what caused the difference, unless it was depreciation. I've had a few hit it under previous rules, can't imagine having another one hit it and especially this client. I'll make a note of the running dollar figure just in case it ever re-appears down the line. Quote
jklcpa Posted February 23, 2020 Report Posted February 23, 2020 I actually had someone utilize a portion of the AMT credit last year, and that was a first for me in all the years of its existence. Quote
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