George 49 and Jean 36 a married couple with no dependents have AGI of 2348000. They have 213000 of medical expenses related to a kidney transplant 80500 of property taxes on their principal residence 64500 of interest expense on the 983500 acquisition mortgage 25200 in charitable contributions and 19700 of miscellaneous itemized deductions before applying any limitations If they have a 395000 preference item. what are their regular taxable income their alternative minimum taxable income?

Answer rating: 100% (QA)

Taxable Income It is the part of gross income that is subject to IRS taxes Alternative minimum taxab... View the full answer