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Author: twputnam One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: AMT question Date: 1/26/2009 8:37 PM
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I have a rental home with a loss for 2008 that consists of operating loss plus depreciation.

My AGI is over $150,000, so I cannot take the loss for 2008.

The tax program that I am using, TaxACT, adds the rental depreciation back to the adjusted AGI and then calculates the AMT tax.

Question? Since I cannot take the rental loss, thus it is not included in the adjusted AGI, should I NOT have to add it back for the AMT calculation?

Thanks for any insight.

Terry
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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 104000 of 121572
Subject: Re: AMT question Date: 1/26/2009 10:34 PM
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I have a rental home with a loss for 2008 that consists of operating loss plus depreciation.

My AGI is over $150,000, so I cannot take the loss for 2008.

The tax program that I am using, TaxACT, adds the rental depreciation back to the adjusted AGI and then calculates the AMT tax.

Question? Since I cannot take the rental loss, thus it is not included in the adjusted AGI, should I NOT have to add it back for the AMT calculation?


Simply put, the rules for calculating AMT income are very different from those for calculating AGI under the regular rules. Logic doesn't enter into the equation.

Ira

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