Question: In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18 years of age. Deon and NeNe's AGI is $813,800,

In 2017, Deon and NeNe are married filing jointly. They have three dependent children under 18 years of age. Deon and NeNe's AGI is $813,800, their taxable income is $722,750, and they itemize their deductions as follows: real property taxes of $10,000, state income taxes of $40,000, miscellaneous itemized deductions of $4,000 (subject to but in excess of 2% AGI floor), charitable contributions of $11,050, and mortgage interest expense of $41,000 ($11,000 of which is attributable to a home-equity loan used to buy a new car). What is Deon and NeNe's AMT? Complete Form 6251 for Deon and NeNe.

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Deon and NeNe will not owe AMT AMT Description Amount Reference 1 Regular taxable income 722750 2 Personal exemptions deducted 0 Personal exemption would have been phased out 3 Real property taxes 100... View full answer

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