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Financial Planning / Tax Strategies
|Subject: AMT Deductions||Date: 11/3/2001 1:11 PM|
|Author: jailleres||Number: 54986 of 124814|
This will be an ugly year for taxes - our consulting business did well, and we are selling rental property and land held for investment. I´ve done my best to estimate our tax burden (yes, I´ll check all this with our tax advisor) but I´m worried about the AMT. One way I could increase our meager deductions is by prepaying state taxes but the AMT rules might disallow that.
Here are my questions:
1. Which tax software will handle these issues best? I´d like to play around with what-ifs before prepaying state taxes.
2. If I do prepay state taxes, and the deduction is disallowed, will I be able to roll the deduction forward to next year when our income will be very low?
Thanks in advance, I know there are some very knowledgeable people on this board.
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