Alfredo1967
Level 3

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?

0 Cheers
sjrcpa
Level 15

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

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
Level 15

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.


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