Recordkeeping

You must keep records to support items reported on Form 6251 in case the IRS has questions about them. If the IRS examines your tax return, you may be asked to explain the items reported. Good records will help you explain any item and arrive at the correct AMT.

Keep records that show how you figured income, deductions, etc., for the AMT. Also keep records of any items that you used to figure the AMT that differ from what you used to figure the regular tax. For example, you will need to separately figure and track certain carrybacks, carryforwards, basis amounts, depreciation, and loss limitation amounts that differ between the AMT and the regular tax.

If you refigure an item for AMT by completing an AMT version of a form or worksheet, keep a copy of that AMT form or worksheet for your records.