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With some serious long term gains, I am expecting that I will be in the AMT territory for tax-2007 season and I am likely to have exhausted any AMT-exemption. I would appreciate suggestions from folks in similar situations to reduce AMT.

I don't own a home. The only deductions I make are
a) personal exemption in 1040
b) state/local income taxes in schedule-A (itemized deductions)
c) charitable contributions in schedule-A (itemized deductions)

I think I have very few things I could do in practice to minimize AMT.
1) Buy a home because the interest of primary-residence is fully AMT-deductible
2) pay less state-tax this year and owe more to state in April-2007.
3) increase charitable contributions this year
4) don't realize the income from stock sales that result in long-term gains. Transfer stocks to a LLC in exchange for a partnership. This may actually not exhaust the AMT-exemption
5) write to my representative and senator about abolishing AMT at least for tax-2007. :)

Do I have other things I could do to reduce AMT? I really don't mind paying taxes on my income, but would like to get as many legal deductions as I can. I read and hear about folks that pay zero taxes on $200K income and always wondered if there are things that IRS doesn't explicitly put it out there.

thanks,
max401k
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