Sentences with phrase «regular tax purposes»

Income from municipal bonds usually isn't taxable for regular tax purposes.

So, you might have to add back amounts you deducted for regular tax purposes, like personal exemptions.

Line 9: Depletion: You can calculate depletion from mining, oil, gas, timber or other similar activities for regular tax purposes using either the cost or percentage depletion method.

You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustment and tax preference items (including interest on certain private activity bonds), is more than the following exemption amounts below:

Example: In the preceding example, you held stock with a basis of $ 24 per share for regular tax purposes and $ 80 per share for AMT purposes.

For regular tax purposes this is a $ 100,000 long - term capital gain taxed at 15 % for a tax of $ 15,000.

Mortgage interest if any part of the mortgage was used for a purpose other than buying, building or improving your home (example: you take out a line of credit on your house to buy a car — the interest on that LOC is deductible for regular tax purposes but not for AMT)

For regular tax purposes, you don't report any income on the exercise of the incentive stock option.

Medical expenses Medical expenses can be deducted for AMT purposes, but they must exceed 10 % of adjusted gross income, instead of 7.5 % for regular tax purposes.

You can make an election under IRC section 59 (e) to write off intangible drilling costs over 60 months for regular tax purposes, and eliminate an entry on this line.

For regular tax purposes, interest on home equity mortgages up to $ 100,000 is deductible, even if you used the proceeds for personal purposes, such as buying a car or paying off credit card debt.

The gain on the sale of this stock is 50 percent excludable for regular tax purposes, but 7 percent of the excluded gain is added back for AMT purposes.

If you exercise an Incentive Stock Option (ISO) but do not sell the stock in the year of exercise, the transaction is not taxable that year for regular tax purposes.

Suggestion: If you have an entry on this line, consider making an election under Internal Revenue Code (IRC) section 59 (e) to amortize these expenses over three years for regular tax purposes.

For AMT purposes, you generally must depreciate (deduct) business assets over a longer period of time than you can for regular tax purposes.

Your basis in this stock is now $ 300 ($ 3 x 100) for regular tax purposes, but $ 3300 ($ 33 x 100) for AMT purposes.

Using the IRS definition: You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.

Suggestion: If the adjustment is from a rental property, consider using slower depreciation methods for regular tax purposes to eliminate an entry on this line.