Alternative Minimum Tax

Alfredo1967 · ‎04-23-2021

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?

sjrcpa · ‎04-23-2021

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 · ‎04-23-2021

Yes, AMT still exists.

But it has nothing to do with limiting "legitimate" business losses.

Review your entries for active vs. passive involvement.

HumanKind... Be Both

Just-Lisa-Now- · ‎04-23-2021

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♥¸¸.•*¨*•♫♪

Alternative Minimum Tax

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