No. The computation of alternative minimum tax (AMT) starts with adjusted gross income from which itemized deductions other than miscellaneous itemized deductions and state and local taxes are subtracted (there are certain adjustments to this). Then the result is increased by certain tax breaks. However, no adjustments or tax preferences result from rental real estate activities (other than a depreciation differential, which is the amount that differs for regular taxes from the amount allowed for AMT purposes).
Rules limiting loss deductions to cash investments and personal liability notes. An exception for real estate treats certain nonrecourse commercial loans as amounts “at risk.”