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No. The AMT is completely unrelated to the issue abhv brings up. The AMT is essentially a 2nd tax code for individual income taxes were fewer deductions but al
by harryh 10y ago
No. The AMT is completely unrelated to the issue abhv brings up.
The AMT is essentially a 2nd tax code for individual income taxes were fewer deductions but also lower rates. Individuals compute their personal taxes both ways and pay the higher of the two systems.
It's kind of a crazy system.
- JKCalhoun 10y agoBut that's kind of what I mean — if you were using your business as a "deduction" hopefully the alternate computation would ignore that and you would be in for the higher (and deserved, IMO) bracket.
- harryh 10y agoThere is no deduction for "a business" in the way you describe. That's....not how it works.
- JKCalhoun 10y agoI own real estate I rent out. I can deduct all manner of things related to that business from the rental income (insurance, property tax, etc.). In what way are we talking about different things?