Comments on: 3 Ways the Alternative Minimum Tax Affects Real Estate http://ilovesofla.com/2007/09/18/3-ways-the-alternative-minimum-tax-affects-real-estate/ South Florida Real Estate Fri, 11 May 2012 07:04:11 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Jennifer Wollmann, PLLC http://ilovesofla.com/2007/09/18/3-ways-the-alternative-minimum-tax-affects-real-estate/comment-page-1/#comment-20 Jennifer Wollmann, PLLC Tue, 20 May 2008 16:03:48 +0000 http://blog.ewm.com/2007/09/18/3-ways-the-alternative-minimum-tax-affects-real-estate/#comment-20 CR, Thank you for your question. I am not a CPA and since the AMT is specific to your taxes and deductions, you should consult with an accountant. I believe most of the real estate items that are affected by the AMT are related to the deductions you can take. According to my CPA, the $250,000 gain on your primary residence is an exclusion and is not affected. CR,

Thank you for your question. I am not a CPA and since the AMT is specific to your taxes and deductions, you should consult with an accountant. I believe most of the real estate items that are affected by the AMT are related to the deductions you can take. According to my CPA, the $250,000 gain on your primary residence is an exclusion and is not affected.

]]> By: CR http://ilovesofla.com/2007/09/18/3-ways-the-alternative-minimum-tax-affects-real-estate/comment-page-1/#comment-19 CR Tue, 20 May 2008 04:37:11 +0000 http://blog.ewm.com/2007/09/18/3-ways-the-alternative-minimum-tax-affects-real-estate/#comment-19 so if I am subject to AMT resulting from a 200k income and I sell my residence (while qualifying for the 2 of 5 year rule for a net profit of 250k and am married), in the non-AMT case i would have 250k tax-free profit. since i am subject to AMT from my income, does the 250k profit from the sale of my home get affected in anyway, that is: how does AMT liability affect the gains incurred from the sale of property qualifying for tax-free sale? thank you. so if I am subject to AMT resulting from a 200k income and I sell my residence (while qualifying for the 2 of 5 year rule for a net profit of 250k and am married), in the non-AMT case i would have 250k tax-free profit.
since i am subject to AMT from my income, does the 250k profit from the sale of my home get affected in anyway, that is: how does AMT liability affect the gains incurred from the sale of property qualifying for tax-free sale?

thank you.

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