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Why is my mortgage interest amount I entered in the deduction field showing up in the Alternative Minimum Tax under "CCA and carry charges...etc"
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Alternative Minimum Tax is triggered in certain situations and TurboTax automatically performs the calculations based on the entries you make in the software. It can be best described as follows:
"The Alternative Minimum Tax is a separate tax calculation determined in parallel with an individual’s regular income tax calculations. The AMT takes out various tax preferential items that an individual may receive, which lowers his taxable income. The AMT was designed to ensure that high-income earners do not pay little-to-no tax but instead pay a minimum".
More information from CRA can be found here;
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Hi,
I'm in a similar situation where TurboTax has asked me to fill in the AMT upon review.
I do understand what capital cost allowance is. I would like to know what "carrying charges claimed on the rental property" may include. Is it only the interest paid for the mortgage? How about cost of repairs, property management, utilities and property taxes?
Thanks for your help!
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HI there, same questions here. Did you figure out who to deal with this situation?
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Hi,
I never figured out why I was asked to fill out AMT.
There was no follow up from CCRA. It looks like it didn't apply to me.
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Thanks for your quick reply! So you did file for AMT? I was not sure if I should `Apply for me` or just `Ignore` that. Do you have any idea in which situation should I claim and which situation I should not? Thanks a lot!!