Hi HokeySon,State income taxes are not deductible under AMT. Some municipal bonds are subject to taxation under AMT. Capital Gains can potentially trigger AMT under the wrong circumstances. Stock options can trigger the AMT. There are a lot of 'ordinary person' things that can trigger AMT liability.Here is a really good guide to the AMT: http://www.fairmark.com/amt/ . And here is the top ten or eleven causes of AMT: http://www.fairmark.com/amt/topten.htm .The AMT is a creature of Congress... Congress apparently thinks your rich, in spite of the second mortgage. So you're subject to the AMT.-Chuck
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