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Sarah111
Level 1

alternative minimum tax on a casualty

I own land that was occupied by squatters for part of 2018- until they blew up three of my buildings in a drug lab fire.  I'm not in the area and learned of it through the sheriff's department.  Once I got a copy of the Police Report I ended up compiling values of the property that was lost and the cost of cleaning up the area.  Once I entered that Turbotax told me I'd pay an AMT on the deduction- does this sound right and how is it calculated?

2 Replies
Anonymous
Not applicable

alternative minimum tax on a casualty

 
Anonymous
Not applicable

alternative minimum tax on a casualty

was the property insured and if so did you file a claim?  if not, no deduction regular tax or amt tax

and what was the property used for?    if personal again no deduction.  the tax laws were changed to diasallow personal casualty losses and the IRS want's any loss reduced by the insurance and if not claim by the amount of recovery you could have obtained. 

 

 

one  way I could see this loss causing amt is if it were claimed on schedule A but that would mean it was personal. 

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