amt bonus depreciation opt out

Forum|Forum|4 years ago
August 16, 2021
1 reply
13 views

I have a client that sold property with $752,000 depreciation used but the amt is showing $798,000

used. Does it force bonus deprciation as being used even when it was opted out earlier.

I didn't know if there was a reg that stated you had to take bonus on amt when it was not on regular deprediation. The bonus is the only thing I can figure for why it is showing more amt depreciation.

thx

Michele

Lacerte Tax

This topic has been closed for replies.

sjrcpa

Level 15

If you took bonus for regular tax you took it for AMT. There is no AMT only opt out.

The more I know the more I don’t know.

M

micheleAuthor

Level 6

Thx. We can not see why the amt depreciation used is more than regular depreciation used.,Which is forcing them to pay an amt tax. This is on an 1120s. that flow to the 1040. I have scoured the schedules and don’t like to make adjustments . Trying to figure out how lacerte figured it that way

sjrcpa

Level 15

I'd manually compute the AMT depreciation and enter it. You can go back to year placed in service and see where Lacerte went wrong.

Lacerte was doing some doubling of AMT depreciation

Re: Sale of Truck - should 4797 Part III line 22 D... - Intuit Accountants Community

The more I know the more I don’t know.

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