Cadualty Loss-theft ,NOL and AMT

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  • Ed Loughrey
    Junior Member
    • Feb 2009
    • 3

    #1

    Cadualty Loss-theft ,NOL and AMT

    I have a client that had suffered a theft(scam) loss in 2006. I have to file his 2007 tax
    return now and the carryover loss is $ 240 K.

    When I input this loss, he still winds up with a negative taxable income,but a
    AMT tax is created.Somehow this doesn't feel right.Any help?
    Ed
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