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I don't qualify for having to include figures in box 17A on…

I don't qualify for...

I don't qualify for having to include figures in box 17A on my 1065 K-1's, but

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

But my now fired accountant has been filing with the post 1986 depreciation figure for 3 years can i just stop

Accountant's Assistant: Is there anything else important you think the Accountant should know?

My husband and i own a small bar and have never come close to 5 or 7 million dollars

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Answered in 26 minutes by:
3/14/2018
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,407
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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If you are certain that you are not subject to the Alternate Minimum Tax as figured on Form 6251, then you should be able to disregard item 17(a) on the K-1s.

What exactly are your referring to with respect to the 5 or 7 million dollars?

Steve G.

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Customer reply replied 1 month ago
I read on line about the exemption for a small business with regards ***** ***** AMT. $ 7,000,000. for business's and the 84,500 for individuals
Customer reply replied 1 month ago
No thanks... I'm preparing my own taxes to save money!!

The $7,000,000 figure would not apply to "pass-through" entities such as Partnerships, S-Corp's or Sole Proprietorships; the limitations for those entities runs to the individual owners as that is where the tax is paid.

If you have a reference to where you read what you reference, I'd be happy to look it over.

Please remember to rate my response as that is the only way the SITE will credit me for assisting you today.

Thanks very much,

Steve G.

Steve G.

Stephen G.
Stephen G., Sr Income Tax Expert
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Satisfied Customers: 7,407
Experience: Extensive Experience with Tax, Financial & Estate Issues
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