Carl,
I had been doing my taxes for a long time on turbo tax, but gave them to an account in 2017 due to the sale of the rental property using the "installment" method and several other changes. I have started to do my own taxes again myself now, and this is when I noticed a mistake. The mistake doesn't affect any taxes, the correct depreciation was used, it was the AMT depreciation calculation that was incorrect. I gave the accountant my prior (2016) depreciation reports, and I never noticed on the AMT Depreciation reports never had the "Prior Depreciation" amounts listed. I went back in the program and found that things done before a certain year didn't provide the prior depreciation, and that I would have to add that. This was only found by right clicking on the prior depreciation box on the asset sheet, where it states this (not obvious). It also stated I would need this prior depreciation when I sold the property. The accountant never questioned me about the lack of AMT depreciation for prior years (22 yrs), and used the AMT amount from 2016 and 2017 only. This only shows up indirectly on 2017 form 6251 line 17 for Disposition of property (difference between AMT and regular tax gain or loss) as a negative number (-$14,465). The calculations on the 2nd page of form 6251 didn't change any taxes or subject me to the AMT. I did go ahead and re-calculated the forms with the correct AMT depreciation numbers on all the forms in the background that the form 6251 references (Schedule D for AMT, Schedule D AMT Tax Worksheet, Form 6252 AMT) and it doesn't affect the amounts or subject me to the AMT (did this for 2017 thru 2020). I had the accountant do my 2018 and 2019 taxes, and the accountant had me file form 6251(1st page without any amounts for difference between AMT) with my return, again we weren't subjected to any AMT and the 2nd page wasn't provided to show any AMT amounts. Now that I am doing the taxes, it seems that I should have a small negative amount on line 2k of form 6251 for both 2020 and 2021, it's only -$60.00. I'm waiting for form 6252 to be final, but I might have to file form 6251 and I am wondering if I should just start showing the amounts on line 2k that haven't been showing since 2018? I have noticed other posts on the intuit community forums, people say just use the same amount for AMT as the regular depreciation?? Is it a big deal, or do I just start showing the small negative amount or continue to show no difference??
Appreciate your advice, Thank you!
