Barbara is single and owns a home in the city, which is her primary residence. She also
Question:
Barbara is single and owns a home in the city, which is her primary residence. She also owns a cottage at the beach, which she treats as a vacation home. In April 2018, she borrowed $50,000 on a home equity loan and used the proceeds to pay off credit card obligations and other debt. She paid the following in 2018:
Mortgage interest (personal residence) $15,000
Mortgage interest (cottage) 8,000
Interest on the home equity loan 5,000
Interest on credit card 2,500
Calculate any AMT adjustment concerning interest in 2017.
Step by Step Answer:
Fundamentals Of Taxation 2019
ISBN: 9781260158670
12th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone