The federal review picked up a missing piece from my home sale in the Home Sales Worksheet. It states, "AMT Depr After 5/6/97 must be entered." I have done research but cant find the answer. The closest is that I may not even need the worksheet and can delete. This obviously worries me.
Hi,
It would be listed on Form 6251 ("Alternative Minimum Tax-Individuals").
You should look through all your prior years' returns for all the years you owned the property. You will have to look at each form 6251. Make a list of all the years and the amounts for each year.
For 2017, it was on line 18 (it's called "depreciation on assets placed in service after 1986 (difference between regular tax and AMT)".
It would be very similarly called (if not identical) on other years' Form 6251's. It should be around Line 18 as well.
hope that helps!
Hi,
This wouldn't be on anything anyone gave you. You get it from prior years' tax returns.
Each year TurboTax computes 'regular' depreciation and 'AMT' depreciation (which in some cases is subject to recapture). So you could look through prior returns and see if you can find this. It's not something you really 'compute'. It's already in a prior return.
Hope that helps?! : )
Thank you, I had the same question ... I think that will help!
If you didn't use Accelerated Depreciation for your property, the AMT Depreciation would be the same amount as Regular Depreciation.
Click this link for more info on AMT Depreciation.
This link gives details on Calculating AMT Depreciation that may help you.