No, the loss in rental property is not added back for the calculation of AMT, although the loss may be different for AMT since the depreciation methods are different.
The allowable deductible loss is, however, limited by your other income for regular tax purposes. You can deduct up to $25,000 in losses if your other income is less than $100,000. Between $100,000 and $150,000 in other income, the allowable loss declines to zero. All the disallowed loss then carries forward to the year when you sell the property.
In addition, you must say you are actively involved in the rental activity in order to deduct losses.
