Mcahi Goughs wrote:
- quote -

I ended up purchasing TurboTax (couldn't find a federal-only version of
TaxCut). I found it very helpful in completing/validating 8582 & 6251.
I had my depreciation schedules handy, though. Without them I think
it would have been more difficult.

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D. Stussy wrote:
- quote -

Thank you. I've already adjusted out my non-rental usage across the
board, so I should be ok in that regards.

I was able to complete the forms but I'm not as confident about filing
as I have been in the past. I am considering purchasing tax software
(TaxCut) to verify my forms. I've used the software before, but not
since I put my rentals into service in 2005. Has anyone had experience
with tax software & rentals? The TaxCut web site claims that the
software supports Schedule E and form 6251, so I might give it a shot
since it's only $20.

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"Mcahi Goughs" <mcgoughg[at]comcast.net> wrote in message
news:0ZydnQ9l3vh1NH7anZ2dnUVZ_q-jnZ2d[at]comcast.com...
- quote -

Property taxes are permitted and generally, mortgage interest doesn't
change. However, if you used any part of the mortgage for non-rental
property purposes, you may have an adjustment.

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Arthur Kamlet wrote:
- quote -


Thank you for the example. It is very helpful. I had no idea I had to
revisit form 4562. Are the assets the only item to adjust? What about
mortgage interest and taxes reported as expenses on Schedule E?

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In article <u7udnau_05dyun7anZ2dnUVZ_o-mnZ2d[at]comcast.com> ,
Mcahi Goughs <mcgoughg[at]comcast.net> wrote:
- quote -


Here's an example:


If you have any assets, such as appliances or carpeting, that you
are using e.g., MACRS 5 or 7 yr class life, 200DB, then for AMT that
would decrease to 150DB.


Which changes your depreciation form 4562 and your depreciation
on the E, and your passive loss form, and so each of these forms
would have both a regular income tax and an AMT version. The AMT
versions are used for AMT tax calculation.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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I am struggling to complete form 6251, Alternative Minimum
Tax—Individuals. Specifically, I've hit a roadblock with Line 18 -
Passive Activities. I've read the instructions multiple times and have
even called the IRS 800 number with no luck.

It is my understanding that I must refigure Schedule E for the AMT.
However, I do not know what exactly on Schedule E is a 'non-allowed
adjustment' for the AMT.

Potentially useful info:
I have an owner-occupied, multi-unit residential rental property
(passive activity) that has a net loss less than $25,000. I've also
filled out form 8582, and my passive activity loss is not limited.

Any help would be greatly appreciated.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >