Hi Community -
I am a bit lost with AMT. I switched to TT for 2023, but prior to that, I had a CPA doing my taxes. Previous returns consistently had Schedule D, Depreciation, and Form 8582 (Passive Activity Loss Limitations) specifically for AMT. Now, when I transfer AMT passive loss carryovers to TT, TurboTax does not generate a separate AMT Form 8582. Can you please advise why?
Accumulated depreciation for AMT looks much lower than for regular tax depreciation. Apparently, CPA messed it up. CPA just amended past returns to correct Regular Tax depreciations, but he did not fix AMT depreciation. Is it a concern?
Also - I cannot comprehend why AMT passive loss carryovers are different. They look like random numbers.
My general question is also what is the point of tracking with AMT figures from the past?
