RE: Fut, are long term cap gains included in the adjusted gross income? Is
posted on
Mar 17, 2006 08:57AM
Kirk,
Sorry, had a client pop in.
I stand corrected. I just took the simplest return, someone who wasn`t even itemizing, and added ltcg`s. First I added a ltcg of $200k and they were subject to amt of about $4800. When I reduced the ltcg to $100k they were no longer subject to amt.
Bottom line is without knowing the particulars for a client it`s hard to know whether they will be subject to amt or not. Work closely with your tax man before selling a large amount of stock so that he can tell you how that sale will affect your taxes on the whole.