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Old 04-16-2015, 10:25 PM
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Defer Capital Gains to minimize AMT

In an earlier post, a respondent mentioned that one could defer a large capital gain to avoid (or hopefully) minimize the AMT monster. That is exactly what I need to do, but I do not know how. I sold a stock I had had for years as the market was crashing in September 2014, which triggered a huge capital gains tax. I reinvested the money and subsequently incurred some losses. I worked 333 days, 12-15 hours per day in 2014, so I was already paying a huge amount of taxes. Before the stock sale, I had more than enough withholding to get a modest refund, but the capital gains caused AMT to completely wipe out my personal exemption, all of my family exemptions and deductions, and drastically reduced the itemized deductions that would have (before 2012) reduced the taxes. Now I owe (if forced to take the capital gains this year) an additional huge tax. So, can someone tell me how to defer these capital gains to next and/or subsequent years (using TurboTax?)



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