On Lacerte Form 6251 and Disposition screen 17.1 Code 155 What would you put in for the AMT cost on a ISO excerised in 2006? Would it be the cost paid for the ISO or the market price on the day exercised? IE The Market price was $80 and paid $31. Trying to use previous AMT line 16 credits.
Thank you.
AMT cost would be the market price when exercised back in 2006 ($80). The spread between $80 and $31 should have been your Form 6251 line 13 entry in 2006.
The stock was later sold in 2007. On screen 17.1 Which figure would you enter for the amt cost or other basis? Would it be the difference between $80 and $31 dollars times the number of shares or $80 times the number of shares? Thank you.
At the "regular" tax level, the cost is $31. At the "AMT" level, the basis is $80. Putting in these different bases, takes care of the spread.
As per Amy, the AMT basis is $80 times the number of shares.
