Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for
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Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,000, real estate taxes of $1,000, state income taxes of $4,000 and interest on a home equity loan of $2,000. Sylvester's regular taxable income is $100,000.
a. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car?
b. What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage next to his home?
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Related Book For
Taxation Of Individuals 2017
ISBN: 9781259548666
8th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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