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AMT on Sale of Home
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tracie
Level 2
03-27-2022
10:45 PM
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Taxpayer has Taxable Income of $773K The gain from sale of principal residence is $677K. This has triggered AMT and Net Investment Tax. Single Taxpayer, primary residence, System is correctly calculating the $250K exclusion on sale.
Should I expect to see AMT and NIIT? (a fellow tax pro is saying no, so I thought I would check with the community!
Thank you
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2 Comments 2
TaxGuyBill
Level 15
03-28-2022
09:01 AM
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You should certainly see NIIT.
As for AMT, there is a lot more to that than just income. However, I did read one other post that said that the $250,000 exclusion was incorrectly being added for AMT purposes. At any rate, look at the 6251 to see if AMT is calculating correctly.
tracie
Level 2
03-28-2022
12:55 PM
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The 6251 appears to be correct. Do you have reason to believe that Gain on sale of personal residence will not trigger AMT? Gain on Sale of Home, SS and Pension Income are the types of income being reported. Gain on Sale of Personal Residence is $600K and other income is approx $100K.
Any thoughts are greatly appreciated! Thank you!
