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?

[EvSenter]

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?

[tagteam]

See https://www.irs.gov/taxtopics/tc556

Have you paid AMT in the past and, if so, do you have an AMT credit?

[tagteam]

Also, your NOL is based on 80% of your taxable income.

The sale of your (presumably rental) real estate likely has two components; capital gain and Section 1250 unrecaptured gain.

[Opus 17]

No matter how smart we think we are on this forum, when you start tossing around millions of dollars, you should probably be hiring your own professional. 

[tagteam]

Moreover, and regardless of the amount, when a 1031 exchange is involved, most taxpayers should seriously consider using the services of a tax professional with experience in like-kind exchanges.

See https://taxexperts.naea.org/listing/service/individual-tax-preparation

[Mike9241]

things get very complicated when there is a partial 1031, an NOL carryforward, and possible AMT. and is that NOL really a PAL  .see a tax pro who can sort through things