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?
See https://www.irs.gov/taxtopics/tc556
Have you paid AMT in the past and, if so, do you have an AMT credit?
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.
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.
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