For 2022 I will have $7M of RE to sell (retiring). I have $6M of NOL carried forward. I might 1031 $1M if necessary to avoid huge tax bill. Is AMT then not relevant because of the NOL and 1031? Or is there something like only 80% of my NOL can be used so I will still end up with paying possibly both 20% of my NOL not used and therefore be taxed on 20% of the NOL unless I raise my 1031 enough to cover that 20% of NOL not usable? (I assume that the not usable part might be $1.2M (20% of $6M). Is that right? Note that I have not considered the basis of the real estate in this question to be simpler. Is the basis as carried forward by TurboTax (let's say that is half the $6M NOL), will I be able to use that basis of $3M and eliminate the need to 1031? Will the basis of $3M be a $3M offset to the capital gain in this example?
