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Get your taxes done using TurboTax
the 5/6/1997 depreciation is AMT depreciation (alternative minimum tax). at one point the depreciable life for real property had one life for amt purposes and a shorter life for regular tax purposes. all the depreciation you took on the rental property for regular tax purposes will be recaptured as section 1250 income. the AMT amount will not affect your taxes unless the AMT tax (form 6251) is higher than your regular tax.
‎August 10, 2020
10:24 PM