In 2020, Deon and NeNe are married filing jointly. Deon and NeNes taxable income is $1,090,000, and
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In 2020, Deon and NeNe are married filing jointly. Deon and NeNe’s taxable income is $1,090,000, and they itemize their deductions as follows: real property taxes of $10,000, charitable contributions of $30,000, and mortgage interest expense of $40,000 (acquisition debt of $700,000 for home). 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 1090000 2 Real property taxes 10000 3 AMTI 1100000 1 2 4 Full exemption 113400 See exemption amount for MFJ 5 P...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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