In 2018, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as
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In 2018, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,000, state income tax of $4,000, and mortgage interest expense of $15,000 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $500. What is Sven’s alternative minimum taxable income (AMTI)? Complete Form 6251 (through line 28) for Sven.
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Svens AMTI is 126500 Description Amount Explanation 1 Regular taxable income 120000 2 Real property taxes 2000 Not deductible for AMT 3 State income t...View the full answer
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Related Book For
Essentials Of Federal Taxation 2019
ISBN: 9781260190045
10th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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