Paul reported the following itemized deductions on his 2018 tax return. His AGI for 2018 was $65,000.
Question:
Paul reported the following itemized deductions on his 2018 tax return. His AGI for 2018 was $65,000. The mortgage interest is all qualified mortgage interest to purchase his personal residence. For AMT, compute his total adjustment for itemized deductions.
Medical expenses (after the 7.5.0% of AGI floor) $6,000
State income taxes 3,600
Home mortgage interest 11,500
Charitable contributions 3,200
a. $ 0.
b. $ 3,600.
c. $ 9,600.
d. $24,300.
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