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I have a property all ready to close that I have been trying to delay until the 1st of the year. The issue has been around AMT and what was going to be done, if anything, to spare the tax burden. It looks to me that another temporary fix has been put into place that may be better than the alternative that comes into play for the next year.
I may have shot myself in the foot though. It is not clear whether my deal can close before the end of the year now.
The main struggle for me is that I want to take out some or all of the profit from a deal. My accountant has stated that if I do that, there may be ramifications from the alternative minimum tax and a reduced ability to write off losses.
Fun stuff.:smx4:
I may have shot myself in the foot though. It is not clear whether my deal can close before the end of the year now.
The main struggle for me is that I want to take out some or all of the profit from a deal. My accountant has stated that if I do that, there may be ramifications from the alternative minimum tax and a reduced ability to write off losses.
Fun stuff.:smx4:
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