Barbara is single and owns a home in the city, which is her primary residence. She also

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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 2019, 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 2019:

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 2019.

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Related Book For  answer-question

Fundamentals Of Taxation 2020 Edition

ISBN: 9781260483147

13th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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