Briefly, here's how the ATM tax works. It basically allows for only two deductions, charitable contributions and mortgage interest. Other deductions are added back to one's income. For most people, this includes the standard or itemized deductions and exemptions. If one itemizes the following categories will not be used to reduce adjusted gross income when calculating one's AMT tax: medical expenses, local taxes, property taxes, second home mortgage and miscellaneous deductions.
The AMT calculates a minimum tax that is to be paid, irrelevant of the itemized deductions described above. So additional deductions will not reduce one's taxes and delaying the deduction to the following year may allow the deduction to count.
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This is not financial advice. Please consult a professional advisor.
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