jtax
Level 10

Deductions & credits

I did a test case and I am not seeing that. Did you go through the interview and tell TT this a qualifying personal residence sale? (If so, there should be a Home sale Worksheet for it and an entry on a form 8949 showing the gain and the excluded amount as a code H adjustment.)

 

Can you check form 6251 and let us know what lines the capital gain is appearing on? 

 

In general an asset can have a different gain for AMT purposes compared to regular tax purposes. (Exercise of ISO options and later sale is a common example). However that should not be the case for your home except perhaps because of the depreciation if the AMT deprecation were different. But that would be modest.

 

Because IRC 121 is about an exclusion and not a deduction, the gain is never in your income. The AMT calculation in IRC 55-57 taxes your regular income and adds back some deductions but not, as far as I can seen, any exclusions

https://www.law.cornell.edu/uscode/text/26/121

https://www.law.cornell.edu/uscode/text/26/55 et. seq.

 

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