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Alternative Minimum Tax (AMT): What triggers it? Archived From: Finance

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I'm contemplating about selling a house while the market is still hot, but I'm afraid AMT may kick in due to the large capital gain... I have quite a few itemized deductions, including foreign tax credits...

Does anybody have any experience with AMT?
Are there any guides online or in print?

I'm kinda confused by Form 6251...


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I got killed on AMT because of stock options. I then found out that most CPAs don't know how to deal with AMT or how to retreive credits in future years.

Try Fairmark for a discussion of the topic

And ReformAMT for more opinions

Anyway, I thought you could write off up to $250k ($500k if married) gain on a house if it was your primary residence for 2 of the last 5 years...?


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Thanks. I've tried Fiarmark already but would like more specific advice.

You're right about the CPAs...mine just told me I may be subject to the AMT.
He didn't even bother to offer to work it out for a fee...


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I can vaguely remember my tax class back in college, where we did AMT calculations and returns. I would check with an enrolled agent or CPA specializing in tax issues about this.


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