Roberts Posted February 21, 2020 Report Share 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 Link to comment Share on other sites More sharing options...
Abby Normal Posted February 21, 2020 Report Share 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 Link to comment Share on other sites More sharing options...
Roberts Posted February 23, 2020 Author Report Share 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 Link to comment Share on other sites More sharing options...
jklcpa Posted February 23, 2020 Report Share 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 Link to comment Share on other sites More sharing options...
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