I paid AMT a few years ago because of timing items. Can Form 8801 help me now even though I owe no AMT this year?
I am from Canada and in a prior year I had AMT because of timing-related items tied to investments and depreciation. This year my return does not seem to create AMT, but my preparer says I may still need to look at Form 8801. I thought that once AMT was gone, the old issue was over.
I want to understand the basic theory. If Form 8801 lets me claim a prior-year minimum tax credit when old AMT came from deferral items, I need to make sure we do not skip a benefit that has been sitting unused.
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