Karen-Collopy
Level 2
10-13-2020
03:43 PM
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Client sold a rental property with about $64k of suspended losses. That amount is flowing to the 6251 line 2m "passive activities (difference between AMT and regular tax income or loss)" even though there is no difference in the loss or the depreciation between regular and AMT. It's adding about $8k of AMT to the return. Is this proper?
Thanks for any guidance,
Karen Collopy, EA
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sjrcpa
Level 15
10-13-2020
06:09 PM
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No. If the AMT suspended losses = the Regular Tax suspended losses there should be no difference.
Check what is in the software for AMT suspended passive losses.
Ex-AllStar
Karen-Collopy
Level 2
10-16-2020
12:04 PM
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Thanks, I found the error the Schedule E worksheet, where the suspended loss was not indicated in the AMT column.
Karen
sjrcpa
Level 15
10-16-2020
12:22 PM
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You're welcome
Ex-AllStar
