Arthur Kamlet wrote:
- quote -

Well, it's beyond human comprehension; in my case, however, there's
no capital gain for 2008 (in fact, surprise!, a loss). The AMT comes
entirely from the deduction of the Ohio tax due in 2008 on the capital
gain in 2007, which deduction is big enough to trigger the AMT, if I
understand it.

That there's also a phaseout that hits the AMT in the same year as the capital
gain is just additional perverse data, but I think I missed that.

But who knows what turbotax is doing.

--
rhhardin[at]mindspring.com

On the internet, nobody knows you're a jerk.

--
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In article <C5E2C9D3.1265D%dukefs[at]one.net> ,
Frank S. Duke, Jr. <dukefs[at]one.net> wrote:
- quote -


That's pretty much it.

Ron, you can find AMT popping up even if there's no state return.

Kaye Thomas takes a few more words than Frank to explain the
same problem -- capital gains increases income which pops you
over the AMT exemption amount.


See http://www.fairmark.com/amt/ltcg.htm


--

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

--
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in article 49BC4DCD.EE5[at]mindspring.com, Ron Hardin at
rhhardin[at]mindspring.com wrote on 3/15/09 1:43 PM:

- quote -

system. It is the level of income which triggers AMT, not the capital gains
themselves. As AMTI rises above $150,000, you begin to lose the AMT
exemption at the rate of 25%. Net result is that $1 in capital gains raises
AMTI $1.25.

Uncompensated advice guaranteed correct or double your money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

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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. > << ------------------------------------------------------- >

I expecting the rule that capital gains by
themselves won't trigger the AMT.

Surprise! The next year, the Ohio taxes paid on
the capital gain income cause a deduction which
triggers the Federal AMT.

This is on capital gains alone.

Just as well I sold in 2007, however.
--
rhhardin[at]mindspring.com

On the internet, nobody knows you're a jerk.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >