Farm sale, NOL, and AMT

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  • JenMO
    Senior Member
    • Apr 2007
    • 974
    #1

    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?
    Tags: None
    • Davc
      Senior Member
      • Dec 2006
      • 1088
      #2
      Have you properly calculated the AMT NOL and the AMT gain on the sale?

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        • JenMO
          Senior Member
          • Apr 2007
          • 974
          #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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