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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2319
Experience:  IRS licensed Enrolled Agent and tax instructor
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I HAVE A SHORT TERM CAPITAL LOSS CARRY-OVER OF 225,000 AND A

Customer Question

I HAVE A SHORT TERM CAPITAL LOSS CARRY-OVER OF 225,000 AND A CURRENT YEAR LONG TERM GAIN OF 95,000 WILL I BE SUBJECT TO ALT MIN TAX ON THE GAIN
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

Alternative minimum tax is usually not triggered by capital gains.

The triggers are usually the followings items:

  • Accelerated Depreciation
  • Stock by exercising an incentive stock option and you did not dispose of the stock in the same year
  • Tax exempt interest from private activity bonds
  • Intangible drilling, circulation, research, experimental or mining costs
  • Amortization of pollution-control facilities or depletion
  • Income (or loss) from tax-shelter farm activities or passive activities
  • Income from long-term contracts not figured using the percentage-of-completion method
  • Interest paid on a home mortgage NOT used to buy, build or substantially improve your home
  • Investment interest expense reported on Form 4952
  • Net operating loss deduction
  • Alternative minimum tax adjustments from an estate, trust, electing large partnership or cooperative
  • Section 1202 exclusion
  • Any general business credit in Part I on Form 3800
  • Empowerment zone and renewal community employment credit
  • Qualified electric vehicle credit
  • Alternative fuel vehicle refueling property credit
  • Credit for prior year minimum tax

Here's a link to IRS AMT calculator/estimator :http://apps.irs.gov/app/amt2014/assistant/process?execution=e3s1

It only takes couple of minutes and you can use estimated number.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Expert:  emc011075 replied 1 year ago.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?
And if you found my answers helpful, a Positive Rating would be greatly appreciated. Thank you.

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