Search
Hot Deals|Free Stuff|Finance|Topic Alerts|Today|Forum Search

Forums › Finance
  • Page :
  • 1
  • Text Only
posted: Oct. 27, 2002 @ 1:05a

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...


posted: Oct. 27, 2002 @ 4:33p

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...?


posted: Oct. 27, 2002 @ 7:35p

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...


posted: Oct. 31, 2002 @ 2:52p

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.




Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.


While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2012