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I have rental property loss on Schedule E. Since my income is high and I can’t take a deduction for my regular tax. Can I deduct anything from my rental property for AMT?
I have rental property loss on Schedule E. Since my modified adjusted gross income is high and I can’t take a deduction from my rental property loss for my regular tax. I read the article “Alternative Minimum Tax: Common Questions” from Turbotax (https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Alternative-Minimum-Tax--Common-Questi...), it mentions “Taxes deductible on a business schedule (Schedule C), rental schedule (Schedule E), or farm schedule (Schedule F or Form 4835) are allowed for the AMT.” So I wonder whether I can deduct anything from my rental property for my AMT. If so, what kind of deductions I could use? Thank you in advance.
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June 4, 2019
8:05 PM