Please excuse my ignorance, but almost none of my clients (since the AMT reform in 2017) is now subject to the AMT: I don't know how to calculate the AMT prior depreciation on the Asset Entry Worksheet. Now a client has sold rental property and seems subject to the AMT. How is it calculated?
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For the real estate itself, AMT Depreciation = Regular Depreciation.
Check the 6251 instructions. I think they explain how to calculate AMT depreciation which you may need for 5, 7, 15 yr, etc. property.
For the real estate itself, AMT Depreciation = Regular Depreciation.
Check the 6251 instructions. I think they explain how to calculate AMT depreciation which you may need for 5, 7, 15 yr, etc. property.
Thank you! Yes, it's real estate. I've always put the same as regular depreciation because the clients were not high income ones anyway, but it seems it was correct 🙂
Greta - if you use this Quickzoom in the Asset Entry Worksheet it will give you the detail of AMT depreciation
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