Barbara is single and owns a home in the city, which is her primary residence. She also owns a cottage at the beach, which she treats as a vacation home. In April 2022, she borrowed $90,000 on a home equity loan and used the proceeds to pay off credit card obligations and other debt. She paid the following in 2022: Mortgage interest (personal residence) Mortgage interest (cottage) Interest on the home equity loan Interest on credit card $ 27,000 14,400 9,000 4,500 Required: Calculate any AMT adjustment concerning interest in 2022. Note: Input all the values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.

Barbara is single and owns a home in the city, which is her primary residence. She also owns a cottage at the beach, which she treats as a vacation home. In April 2022, she borrowed $90,000 on a home equity loan and used the proceeds to pay off credit card obligations and other debt. She paid the following in 2022: Mortgage interest (personal residence) Mortgage interest (cottage) Interest on the home equity loan Interest on credit card $ 27,000 14,400 9,000 4,500 Required: Calculate any AMT adjustment concerning interest in 2022. Note: Input all the values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 42P

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