Join the 9 million people who found a smarter way to get Expert help

Recent Alternative Minimum Tax questions

We have a very large term capital gain . Does this push our

hi...we have a very large long term capital gain for 2016. Does this push our regular income tax into a higher bracket?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we have a long term capital gain of $330,000 for the 2016 tax year. My wife and I have combined income of about $180.000 and file married jointly. Will the regular income of $180,000 be taxed at the high or highest rates of 35% and 39.5% respectively?JA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

Read more

Megan C

Master's Degree

star-full
29,942 satisfied customers
What is the difference between prior depreciation and prior

What is the difference between prior depreciation and prior AMT depreciation for a vehicle when claiming business usage deductions and credits?

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

star-full
3,724 satisfied customers
I moved from uk to usa nearly 6 years ago on a work visa as

I moved from uk to usa nearly 6 years ago on a work visa as my job transferred me to usa. I just got my greencard. I purchased a leasehold property in uk 16 years ago and have always rented it out, never lived in it. There has been a substantial capital gain. In uk my tax liability is negligible as a non-resident. How can I avoid usa capital gains taxes? I have heard that 1031 exchanges cannot be included for foreign property unless the new property is foreign, is thus true? I have also heard there may be an exception if there was an exceptional circumstance such as moving job.,please advise on whether I need to pay any usa capital gains tax

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
If I leave a private, venture backed company and exercise vested

If I leave a private, venture backed company and exercise vested incentive options, are there any tax ramifications with respect to AMT (or anything else) at any point in time prior to selling the shares in the event of a liquidity event? Specifically, does the IRS consider there to be any income or gain based on any spread between exercise price and "fair market value" as determined from time to time?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,742 satisfied customers
What are the capital gains tax of a real estate

What are the capital gains tax for sale of a real estate asset in Boston by a non-US citizen (Nonresident alien). Seller is not living in the US and does not have any other business or trade.Please confirm:- what's the specific short-term capital gains tax rate for a non-US citizen- what's the specific long-term capital gains tax rate for a non-US citizen

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
Just got an offer of $850000 rental property i bought

just got an offer of $850000 for a rental property i bought 32 yrs ago for 65000 was looking at my tax liabilty of $335600 between irs &mass dor can that be true?

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
It is the first year that I need to fill out Alternative Minimum

It is the first year that I need to fill out Alternative Minimum Tax Form 6251, my question is how to calculate Alternative minimum tax foreign tax credit? Is this different from the foreign tax credit on Form 1040?

Read more

Tax-Scholar

Manager

Bachelor's Degree

star-full
124 satisfied customers
I bought a house in March 2010. I put it around Feb

I bought a house in March 2010. I put it for rent around Feb 2012. I want to sell the house in 2017. Would I benefit significantly higher if I moved in to the house in the extra room before that and showed it as primary residence, while the other tenants still lived? By benefit significantly, I mean tax savings from the capital gain taxes, exclusion of first 250K, and the depreciation I claimed against the rental property. I understand that obviously there will be some savings but trying to find out how significant they are because there are pros and cons here. Also do I have to include the expenses (mortgage interest and property taxes) that may have claimed as deductions during rental as basis too for taxation if I was to sell in the above manner? I am willing to give more details if I can engage an expert here.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

star-full
8,926 satisfied customers
I am a partner of an LLC and have Operating Losses from Schedule

I am a partner of an LLC and have Operating Losses from Schedule K-1. The Company has less than $5m gross receipts over the past 3 years (Eligible Loss). I would like to carry-back NOL to 2012 (back three years). I have completed Form 1045. What do I need to send with Form 1045 to proof that its an Eligible Loss?

Read more

PDtax

Owner

Master's Degree

star-full
6,766 satisfied customers
View more tax questions
In The News