Alfredo1967
Level 3
04-23-2021
11:43 AM
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Is there still an Alternative Minimum Tax this year? I have a new client who earns over $200,000 in wages and also has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700. Can anyone help me?
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sjrcpa
Level 15
04-23-2021
11:50 AM
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Yes there is still AMT but with a higher exemption so not many people have to pay it.
What does AMT have to do with "has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700" ?
The more I know, the more I don't know.
abctax55
Level 15
04-23-2021
11:51 AM
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Yes, AMT still exists.
But it has nothing to do with limiting "legitimate" business losses.
Review your entries for active vs. passive involvement.
** IRonMaN ** is FREE 🙂
Just-Lisa-Now-
Level 15
04-23-2021
12:05 PM
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SMLLC on Sch C? or losses feeding from a K-1?
Gotta be able to "follow the money" in the tax return to see where/what is happening.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪