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Alternative Minimum Tax

Alfredo1967
Level 3

Is there still an Alternative Minimum Tax this year? I have a new client who earns over $200,000 in wages  and also has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700. Can anyone help me?

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3 Replies 3
sjrcpa
Level 15

Yes there is still AMT but with a higher exemption so not many people have to pay it.

What does AMT have to do with "has a legitimate construction business LLC and has a $35,380 loss but is only allowed to claim $12,700" ?


ex-AllStar
abctax55
Level 15

Yes, AMT still exists.

But it has nothing to do with limiting "legitimate" business losses.

Review your entries for active vs. passive involvement.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
Just-Lisa-Now-
Level 15
Level 15

SMLLC on Sch C?  or losses feeding from a K-1?

Gotta be able to "follow the money" in the tax return to see where/what is happening.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪