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How is taxable income from home sale calculated for AMT. Is the 250k/500k exclusion allowed for AMT (i.e. is taxable AMT income calculated after excluding the 250/500k)?
As a hypothetical example, let's say I am single and sold a home for $400k over purchase price + closing costs etc. For regular tax my understanding is that with the 250k exclusion, taxable income will be 400k gain - 250k exclusion = $150k taxable income. Will that be the taxable income for AMT as well (or will it be the "full" $400k?)
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‎October 28, 2023
10:36 AM