Comments on: Tax Deduction Denied http://thefinancebuff.com/2007/02/tax-deduction-denied.html like a friend telling you about money ... Thu, 19 Nov 2009 19:44:17 -0600 http://wordpress.org/?v=2.8 hourly 1 By: Anonymous http://thefinancebuff.com/2007/02/tax-deduction-denied.html/comment-page-1#comment-436 Anonymous Wed, 06 Feb 2008 02:32:00 +0000 http://blog.thefinancebuff.com/?p=70#comment-436 If you are being continually hit with AMT, does it make sense to transfer your house (and property taxes) to some kind of trust? If you put the house in a trust then also move some kind of incoming producing asset into the trust, then can the trust realize the property tax deduction? Seems like there might be some way at least to get the property tax deduction back in effect this way. If you are being continually hit with AMT, does it make sense to transfer your house (and property taxes) to some kind of trust? If you put the house in a trust then also move some kind of incoming producing asset into the trust, then can the trust realize the property tax deduction? Seems like there might be some way at least to get the property tax deduction back in effect this way.

]]> By: john Duncan http://thefinancebuff.com/2007/02/tax-deduction-denied.html/comment-page-1#comment-67 john Duncan Wed, 14 Feb 2007 13:58:00 +0000 http://blog.thefinancebuff.com/?p=70#comment-67 One thing about AMT that is good. I dont really want to subsidize the state of NY or Ohio. Someone there with my income pays less Fed tax than I do, but for the AMT. I live in Illinois which has a relatively low state income tax, but I still get hit with AMT, just less than I would in NY or Ohio. One thing about AMT that is good. I dont really want to subsidize the state of NY or Ohio. Someone there with my income pays less Fed tax than I do, but for the AMT. I live in Illinois which has a relatively low state income tax, but I still get hit with AMT, just less than I would in NY or Ohio.

]]> By: Anonymous http://thefinancebuff.com/2007/02/tax-deduction-denied.html/comment-page-1#comment-60 Anonymous Fri, 09 Feb 2007 21:32:00 +0000 http://blog.thefinancebuff.com/?p=70#comment-60 On the positive side, you are now officially considered a "rich person". Millions are counting on you to pay your taxes, so they won't have to. On the positive side, you are now officially considered a "rich person". Millions are counting on you to pay your taxes, so they won't have to.

]]> By: TFB http://thefinancebuff.com/2007/02/tax-deduction-denied.html/comment-page-1#comment-59 TFB Fri, 09 Feb 2007 00:58:00 +0000 http://blog.thefinancebuff.com/?p=70#comment-59 You two sound like veteran AMT club members or shall I say fellow jail mates? <br/><br/>@samerwriter: I don't know how you find AMT simpler to deal with. That Form 6251 looks very complicated to me. One relief in the AMT jail is that I will never bother reading those "20 tax deductions you missed" articles because they won't matter any more. Maybe that's what you meant. The tax bracket calculation does become simpler: federal + state. For federal, it's either 26%, 32.5%, 35% or 28%. You two sound like veteran AMT club members or shall I say fellow jail mates?

@samerwriter: I don't know how you find AMT simpler to deal with. That Form 6251 looks very complicated to me. One relief in the AMT jail is that I will never bother reading those "20 tax deductions you missed" articles because they won't matter any more. Maybe that's what you meant. The tax bracket calculation does become simpler: federal + state. For federal, it's either 26%, 32.5%, 35% or 28%.

]]> By: samerwriter http://thefinancebuff.com/2007/02/tax-deduction-denied.html/comment-page-1#comment-58 samerwriter Thu, 08 Feb 2007 08:39:00 +0000 http://blog.thefinancebuff.com/?p=70#comment-58 The discrimination from AMT isn't much more egregious than all the other income-based discrimination.<br/><br/>High wage-earners can't contribute to IRAs, can't deduct student loan interest, and have some deductions phased out based on income.<br/><br/>I'm actually a fan of the AMT. Once you no longer have to bother calculating your traditional tax liability, AMT is much simpler to deal with, and it cuts back on government sponsored social preferences. The discrimination from AMT isn't much more egregious than all the other income-based discrimination.

High wage-earners can't contribute to IRAs, can't deduct student loan interest, and have some deductions phased out based on income.

I'm actually a fan of the AMT. Once you no longer have to bother calculating your traditional tax liability, AMT is much simpler to deal with, and it cuts back on government sponsored social preferences.

]]> By: indexfundfan http://thefinancebuff.com/2007/02/tax-deduction-denied.html/comment-page-1#comment-57 indexfundfan Thu, 08 Feb 2007 05:32:00 +0000 http://blog.thefinancebuff.com/?p=70#comment-57 Welcome to the club. Once you are in AMT land (like me), there is not a whole lot you can do to get it off your back. What's the use of all the tax cuts when AMT is not fixed? Welcome to the club. Once you are in AMT land (like me), there is not a whole lot you can do to get it off your back. What's the use of all the tax cuts when AMT is not fixed?

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