Hello:
I am in the process of completing my 2012 tax returns and have noticed that line 19 of form 6251 is an adjustment item for the difference between the Passive Activity Losses or Gains (PAL) computed on the regular tax basis and the AMT basis. I have completed form 8582 to compute the regular tax PAL for a couple of rental properies, but I cannot find the instructions for how to complete the same form on an AMT basis. If anyone knows where to find this information, I would appreciate your help. I don't think there will be a need for an AMT adjustment for this item (as I haven't taken any PALs in the 1040) but I would just like to be sure that there will not be an AMT gain that should be reflected in form 6251.
I hope this question makes sense- if not, please let me know and I will try to clarify.
Thanks in advance.
Question on AMT Passive Activity Losses or Gains
Moderator: Mark T Serbinski CA CPA
Hello:
I actually thought about the same question before posting, and decided to go ahead only after reading the forum description, which states:
"This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and [b]all aspects of Canadian and U.S. income tax[/b] and related adminstrative issues."
Thanks anyway.
I actually thought about the same question before posting, and decided to go ahead only after reading the forum description, which states:
"This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and [b]all aspects of Canadian and U.S. income tax[/b] and related adminstrative issues."
Thanks anyway.
[quote="nelsona"]Good job. Does that help your case?[/quote]
Nelsona:
I am only saying that the forum description seems to imply that the forum is intended to answer US and Canadian tax questions in general and is not restricted to cross border issues only. I am not interested in an online argument with you or anyone else, as I don't have the time. I am only seeking help - if you are not willing or able to answer, then you can just ignore the question - maybe (hopefully) someone else can.
Have a good day.
Nelsona:
I am only saying that the forum description seems to imply that the forum is intended to answer US and Canadian tax questions in general and is not restricted to cross border issues only. I am not interested in an online argument with you or anyone else, as I don't have the time. I am only seeking help - if you are not willing or able to answer, then you can just ignore the question - maybe (hopefully) someone else can.
Have a good day.