We had an acreage that we subdivided out, then rented and now sold. Turbo Tax form says to review the Alternative Minimum Tax. What do I need to enter there?
Have already entered the sale elsewhere on the form.
We had an acreage that we subdivided out, then rented and now sold. Turbo Tax form says to review the Alternative Minimum Tax. What do I need to enter there?
Alternative minimum tax will be automatically calculated by Turbo Tax and if applicable added to the total federal tax amount. ATM is an advance payment of future tax and if assessed will be available in future years as a carry forward advance credit of tax paid.
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