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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3807
Experience:  20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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I sold my home (condo) in 2005 and had rented it for a

Customer Question

I sold my home (condo) in 2005 and had rented it for a portion of time prior to sale. I have determined that I am entitled to the 250,000 gain exclusion, but my request relates to the depreciation allowed or allowable in prior years.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Yes
JA: What else should I tell the Accountant?
Customer: I reduced my basis by the depreciation allowed or allowable, but now I am being asked to enter the AMT depreciation allowed or allowable and I am not sure what to enter here. Thank you!
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The software will calculate it for a current year asset being entered. But for a prior year asset, you would need to check the depreciation schedule for the prior year to get the number. Often it's the same number but see the explanation below.

AMT stands for Alternative Minimum Tax. The amount of depreciation for AMT purposes may be different than the prior depreciation if you are subject to AMT. The most simple explanation is if you took a Special Depreciation allowance or Accelerated Depreciation on the asset in prior years, that special (or excess) amount would be deducted for AMT purposes. If you did not do this, then AMT Depreciation would be the same as regular depreciation.

Make sense?

Please let me know if I can assist you further.

Thank you and best regards,