Unallowed Passive Loss is the amount of a loss from your rental (passive) activity that you were not allowed to deduct in the current year of the actual loss that must be carried forward until those losses are allowed.
The AMT is an "alternative" tax which TurboTax calculates behind-the-scenes, along with your regular federal tax. If the alternate method results in a higher tax than the regular method, you pay the difference on top of your regular tax. The AMT Unhallowed Passive Loss is the amount of loss from your rental activity that is not added back for the calculation of the AMT.
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