My client is selling a rental property. In the first 10 years of ownership they deducted losses. For the next11 years all losses were suspended due to high income. MY software is showing a 50,000 positive passive activities AMT adjustment (line 18) which is clearly wrong.
Should't this adjustment be an amount based on the difference between the regular depreciation claimed and the AMT depreciation claimed for those years that losses were suspended? And then wouldn't there be an adjustment on line 16 based on the depreciation differences for those years that losses were not suspended?
Should't this adjustment be an amount based on the difference between the regular depreciation claimed and the AMT depreciation claimed for those years that losses were suspended? And then wouldn't there be an adjustment on line 16 based on the depreciation differences for those years that losses were not suspended?
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