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Farm sale, NOL, and AMT

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    Farm sale, NOL, and AMT

    Clients sold their farm, home, machinery this year. For years I have been figuring a large NOL and thought it would finally work to their advantage. Guess What? AMT! Is there any lines I might now be filling in correct? The AMT is larger than the regular income tax. I did figure tax without the NOL and with AMT the tax is still less, but doesn't seem quite right. Is this happening to others?

    #2
    Have you properly calculated the AMT NOL and the AMT gain on the sale?

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      #3
      CAn you guide me thru some of the things I need to do? I don't run into AMT very often, thank goodness.

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