|
#4
09-05-2005, 03:14 AM
| |||
| |||
 Re: Alternative Minimum Tax - Do you ever get the write off? "hanson" <hansonnosnah[at]hotmail.com> wrote: - quote - > In 2005 I will have earned about $50,000 (including rental
I don't understand the question.> income) and I will have about $50,000 in write offics (I own > one rental property I am renovating, and the rental income > goes right back into a second property). I am quite sure I > will be subject to the AMT. Though I have read about the > AMT I still find it confusing. > Here is my question: > If some of my (write off's) can not be taken in 2005 (due to > the AMT), can I take the write of in future years? - quote - > Must I take them within a certain amount of time?
Yes. In the year you pay the money.-- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#3
09-05-2005, 02:36 AM
| |||
| |||
| Re: Alternative Minimum Tax - Do you ever get the write off? ed wrote: - quote - > None of the deductions on Schedule E (where you put your
None? Depreciation methods?> rental income and deductions) are affected by the AMT. > Your net income is below the level where AMT appoies, > anyway. Do not worry about it, yet. ed << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#2
09-02-2005, 02:41 AM
| |||
| |||
| Re: Alternative Minimum Tax - Do you ever get the write off? "hanson" <hansonnosnah[at]hotmail.com> wrote: - quote - > In 2005 I will have earned about $50,000 (including rental
You don't have enough information for me to give an> income) and I will have about $50,000 in write offics (I own > one rental property I am renovating, and the rental income > goes right back into a second property). I am quite sure I > will be subject to the AMT. Though I have read about the > AMT I still find it confusing. > Here is my question: > If some of my (write off's) can not be taken in 2005 (due to > the AMT), can I take the write of in future years? Must I > take them within a certain amount of time? If I can't use > the write-offs later, I will quit spending money this > year!!! intelligent response. "Writeoffs" could be for or from AGI, deductible or not deductible for AMT, etc. Form 8801 is used to compute the amount of any AMT credit you are entitled to down the road. -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#1
09-02-2005, 02:22 AM
| |||
| |||
| Re: Alternative Minimum Tax - Do you ever get the write off? "hanson" <hansonnosnah[at]hotmail.com> wrote - quote - > In 2005 I will have earned about $50,000 (including rental
Some of the "renovations" to the rental property may need to> income) and I will have about $50,000 in write offics (I own > one rental property I am renovating, and the rental income > goes right back into a second property). I am quite sure I > will be subject to the AMT. Though I have read about the > AMT I still find it confusing. > Here is my question: > If some of my (write off's) can not be taken in 2005 (due to > the AMT), can I take the write of in future years? Must I > take them within a certain amount of time? If I can't use > the write-offs later, I will quit spending money this > year!!! be capitalized as improvements and depreciated over time. Other things might just be considered repairs and currently deducted. You may not have as many losses as you think. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
09-02-2005, 02:22 AM
| |||
| |||
| Re: Alternative Minimum Tax - Do you ever get the write off? None of the deductions on Schedule E (where you put your rental income and deductions) are affected by the AMT. Your net income is below the level where AMT appoies, anyway. Do not worry about it, yet. ed << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#-1
08-31-2005, 02:30 AM
| |||
| |||
| Alternative Minimum Tax - Do you ever get the write off? In 2005 I will have earned about $50,000 (including rental income) and I will have about $50,000 in write offics (I own one rental property I am renovating, and the rental income goes right back into a second property). I am quite sure I will be subject to the AMT. Though I have read about the AMT I still find it confusing. Here is my question: If some of my (write off's) can not be taken in 2005 (due to the AMT), can I take the write of in future years? Must I take them within a certain amount of time? If I can't use the write-offs later, I will quit spending money this year!!! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| alternative, minimum, tax, write |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Perhaps another Money alternative? Dick Watson: After years of their saying "what's Windows?" I not that the following announcement: --- Announcement: GnuCash 2.1.1 Release - 2007-04-28 17:47... | Microsoft Money | 3 | 05-08-2007 12:32 AM | |
| Develop an alternative??? jrana: I am a long time MS money user and am currently using 2003. I will not upgrade because I have not seen any value in the newer versions and do not... | Microsoft Money | 22 | 09-09-2005 06:35 PM | |
| Turbotax Alternative minimum tax malibu.ron@verizon.net: Does Quicken TurboTax or other inexpensive software calculate the latest Alternative Minimum Tax <<... | Taxes | 5 | 06-06-2005 08:23 AM | |
| Money 2005 Alternative RAD Software: Looking for a great alternative? MyCash, at http://www.radsoftware.org | Microsoft Money | 6 | 09-30-2004 11:20 PM | |
| Alternative to Money Michael Aries: I have read of so many problems with upgrading that I would like an alternative to my Microsoft Money 2000. I used Quicken before transfering to... | Microsoft Money | 7 | 08-07-2004 04:17 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
