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Investors & landlords
Correct, long term losses are one of the big triggers for AMT. There is no correcting the loss on AMT but there are a lot of worksheets and rules.
I am assuming line 2k is your issue. The 6251 uses the $3,000 cap in figuring the AMT. Please see Form 6251 instructions which includes this portion of an example for line 2k:
For the AMT, you have a $25,000 short-term capital loss from the first sale, and a $40,000 long-term capital loss from the second sale, resulting in a net capital loss of $65,000 for the AMT. However, only $3,000 of the $65,000 net capital loss is allowed for 2022 for the AMT.
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March 30, 2023
9:59 AM