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July/August 2018
AMT Changed
The AMT exemption has been significantly enlarged in 2018.
Threshold Increased
The new tax law appreciably raises the thresholds both for the AMT exemption and income levels where deductions phase out. The exemption for single taxpayers is $70,300 and phases out at $500,000 in 2018 (it was $120,700 in 2017). Taxpayers filing their taxes jointly have an AMT exemption of $109,400 with a dramatic increase in the phase out from $160,900 in 2017 to $1 million in 2018.Deductions Altered
It will be harder to find deductions that affect the AMT because the new law eliminated some and reduced others. Prominently, the deduction for combined state, local, sales and real estate taxes is capped at $10,000. The maximum deduction for mortgage interest was lowered — and home equity loans, second mortgages and HELOCs initiated in 2018 for material improvements made to your primary or secondary qualified home.CONTACT US
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