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Financial Planning / Tax Strategies


Subject:  Re: Tax Software Date:  2/3/2009  11:57 AM
Author:  twputnam Number:  104197 of 128041

I question whether or not TaxAct handles AMT correctly or not. It assumes that I "took" depreciation on my rental property on Schedule E and adds that depreciation back into the AMT calculation, EVEN though, the depreciation deduction WAS NOT taken because the Schedule E loss was not allowed because my AGI was above $150,000.

My reading of the AMT rules is that the Depreciation should not be added back into the AMT calculation unless you were allowed to take it.

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