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May have found my own answer:

The following items may trigger an AMT liability:

Itemized deductions for state and local taxes, medical expenses, and miscellaneous expenses
Mortgage interest on home equity debt
Accelerated depreciation
Exercising (but not selling) incentive stock options
Tax-exempt interest from private activity bonds
Passive income or losses
Net operating loss deduction
Foreign tax credits
Investment expenses

Looks as though state taxes and the additional property tax for the second home is what did us in. Weird though, as state taxes certainly go up with income. Eh, I gave up expecting taxes to be logical a while ago.

not expecting a repeat issue with AMT next year, but not seeing how to avoid it either
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