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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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I sold in their entirety 5 PTP in 2014. I use ProSeries Professional.

Customer Question

I sold in their entirety 5 PTP in 2014. I use ProSeries Professional. I'm trying to figure out the amount of the AMT to enter on form 6251 line 17. The sales schedules give the information for the AMT adjustment. Is this the amount that goes on that line? Do you know how to get this amount on that line when using ProSeries. All information on Form 6251 is prefilled and comes from another worksheet in the program.
Submitted: 2 years ago.
Category: Tax
Customer: replied 2 years ago.
Using the Sales Schedules the Total G/L for all 5 MLPs is $52,041 for Regular Tax. The Ordinary Gains for Regular Tax total $22,947 (that I put on Form 4797 Line 10); therefore, the Capital Gain is $29,094 for Sch D. Two of the 5 MLPs have Capital Losses - one is (3442) & the other is (1992) for Regular Tax. AMT Adj. total $2596.
Expert:  Lane replied 2 years ago.
Line 17 is the DIFFERENCE in tax basis between depreciation for regular and AMT purposes (depending on the depreciation method you chose)..Then line 19 contains the differences between AMT and regular tax deductions for passive activities. This line usually relates to a difference in depreciation methods for rentals, partnerships or S Corporations.
Expert:  Lane replied 2 years ago.
Looks like our posts crossed there ... Let me read your second post. ..OK so exactly what is your question?
Customer: replied 2 years ago.
My question is what is the AMT Capital Gain Amount that goes in ProSeries Form 6251 Worksheet "Dispostion of Property Line 17"? The amount that I enter on this worksheet flows to Form 6251.
Expert:  Lane replied 2 years ago.
Haven't a clue - I'll opt out - I use another intuit product - let me see if someone with pro-series experience can help - I'll also look in the financial software area
Customer: replied 2 years ago.
Okay.