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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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I prepared a 1041 for a family trust final' year. There is

Resolved Question:

I prepared a 1041 for a family trust final' year. There is an NOL for the property (rental real estate - property went belly up) There is no AMT. I have gotten calls from the beneficiaries CPA wanting to know why there is no AMT
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: I use Drake Software and it did not calc any AMT on schedule I
Submitted: 11 months ago.
Category: Tax
Expert:  PDtax replied 11 months ago.

Hi from just answer. I'm PDtax. I'll assist.

Can you give a little background about your issue? I assume the k-1 is silent with respect to the AMT NOL, which might provoke a phone call for clients in AMT.

Customer: replied 11 months ago.
It was a large rental property that the Trust invested in. The building went into bankruptcy thus causing the loss. The building was being depreciated for 27.5 years. The property was purchased 5 years ago. The Trust was one of several investors. The trust is a simple trust with all profits/losses distributed to the beneficiaries
Expert:  PDtax replied 11 months ago.

I think the best way to assist is to review the actual return.

I'll post an Offer of Premium Service to do so. Accepting sets up a private link, and I will provide my business email for transmittal.

Customer: replied 11 months ago.
No thank you. I appreciate your time but I don't want to spend more money and time on this