On their joint tax return, Wade and Dorothy, both age 40, had adjusted gross income (AGI) of
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Question:
On their joint tax return, Wade and Dorothy, both age 40, had adjusted gross income (AGI) of $150,000 and claimed the following itemized deductions:
- Interest of $15,000 on a $100,000 home equity loan to purchase a motor home
- Real estate tax and state income taxes of $18,000
- Unreimbursed medical expenses of $17,000 (prior to AGI limitation)
Based on these deductions, what would be the amount of AMT add-back adjustment in computing alternative minimum taxable income?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: