Need Tax Help Please

avelanchefan
avelanchefan Posts: 2,401
edited January 2009 in The Clubhouse
Okay, I have done my taxes for years and have never had an issue. This year I triggered the Alternative Minimum Tax for my mortgage interest.

I have no idea what to put in as the interest allowed. It makes no sense to me at all. If someone could PM me I would appreciate it if I could talk to someone over the phone about it.

I know this is not the best place to ask, but I would rather throw in a bottle of wine for a fellow polkie than pay a tax preparer 300+ for my taxes to be done.

Thanks
Sean
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Post edited by avelanchefan on
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  • thsmith
    thsmith Posts: 6,082
    edited January 2009
    Have you tried Turbotax? The deluxe version does a nice job helping.

    I do my online and it handles any of the issues I have experienced.

    Sorry, thats all I can offer.
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  • BlueFox
    BlueFox Posts: 15,251
    edited January 2009
    Since I just received 12 bottles of wine today from my wine club, I will NOT answer your question. I thought the AMT disallowed most deductions, such as mortgage interest. Try Turbo Tax, it should handle this situation.
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  • avelanchefan
    avelanchefan Posts: 2,401
    edited January 2009
    Yeah Maybe I will try turbo tax...I am using Tax Act, but it still is throwing me for a curve.
    Sean
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  • avelanchefan
    avelanchefan Posts: 2,401
    edited January 2009
    Update: (cue Unsolved Mysteries music please)

    First off try not to do your taxes while on drugs....not good.

    Second, I have a rental, and I was deducting the interest on the Rental and my itemized deductions, once that was removed, the AMT was removed.
    Sean
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  • ohskigod
    ohskigod Posts: 6,502
    edited January 2009
    Doh!

    cool, you are claiming that on the rental property schedule though right? thats fine. adding it as a seperate deducion under mortgage interest = bad..LOL
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  • avelanchefan
    avelanchefan Posts: 2,401
    edited January 2009
    ohskigod wrote: »
    Doh!

    cool, you are claiming that on the rental property schedule though right? thats fine. adding it as a seperate deducion under mortgage interest = bad..LOL

    Yeah man I feel like a total fool. I left it in place under my Rental Property, but removed it from my itemized deductions. And it was a 5000 dollar mistake that would have left me paying out the nose if I was ever audited. I could not imagine the fees on that.
    Sean
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  • polktiger
    polktiger Posts: 556
    edited January 2009
    deduct your rental expenses on schedule E, page 1 (I assume you have a rental that is not used for personal use. Personal use can cause problems for deduction if it gets too high.) The rental expenses would include all the property taxes, interest, insurance, etc. DO NOT put the interest or taxes on schedule A.

    It is unusual for your home mortgage to cause an AMT issue. It can, but most normal mortgages (no cashout refi, stuff like that) are fully deductibe for AMT. However, what is not deductible will be your property taxes paid or state income taxes paid, unreimbursed employee business expenses (those deductions at the bottom of schedule A) are not deductile. The vast majority of taxpayers subject to AMT get into it becuase of these two items (deduction for taxes paid, employee business expenses). There are a bunch of other adjustments for AMT, but they don't apply to most taxpayers.

    I am a CPA, you can PM me with a specific question. I am no longer at the office, so if I can't answer the question off the top of my head, it may be Monday before I get back to you.
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  • avelanchefan
    avelanchefan Posts: 2,401
    edited January 2009
    Polktiger....PM sent.
    Sean
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