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I have an S corp that sold their business. Mainly depreciable equipment. 900,000 with 725,000 depreciated for $220,000. Every thing looks good on the 4797 and ok with that but on their personal return they are being hit with $105,000 in AMT tax. so their total tax owed will be $185,000. What am I not seeing or thinking when it come to the AMT. This just does not seem right. Is there something I am not marking.
Michele
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Do you have the AMT accumulated depreciation entered?
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The k-1 shows -$1636 for post 1986 adjustment
So the 6251 is showing 700,000 in assets and then gives credit for 268,000 for the gain on property
and shows 423,000 for lin k dispostion of property.
thx
Michele
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@michele are you preparing the S-Corp? It appears Lacerte may be doubling the prior AMT depreciation. Look into that https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/re-sale-of-truck-should-4...
Answers are easy. Questions are hard!
