Maxi-Pedia Forum

Finance, Business, Taxes, Economics, Jobs, Politics, etc. => Taxes => Topic started by: jh241d on January 10, 2011, 07:55:07 pm

Title: Avoid AMT Quesiton
Post by: jh241d on January 10, 2011, 07:55:07 pm
When calculating if I will be hit with AMT or not, the difference between yes and no appears to be the deduction for property tax in 2010 (reported on the 1098 along with mortgage interest). If I didnt take that deduction (3781), I would be under the limit and would not be subkect to AMT (and would have an actual refund instead). Can I just not claim the property tax exemption?

Title: Re: Avoid AMT Quesiton
Post by: steven on January 11, 2011, 03:14:50 pm
I assume you are talking about "Real estate taxes" deduction on line 6, form 1040 schedule A, correct? Claiming deductions is a benefit that the tax payer can take advantage of if he chooses to. They are voluntary. For example, here is a similar concept, if you had 5 children and claimed only one of them, your tax liability would be higher than if you claimed all 5 children. Uncle Sam surely won't be mad if the tax payer claimed less of his benefits and thus paid more taxes. I hope that helps.