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Barbara is single and owns a home in the city, which is her primary residence. She also owns a cottage at the beach, which
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 2020, she borrowed $62,500 on a home equity loan and used the proceeds to pay off credit card obligations and other debt. She paid the following in 2020: Mortgage interest (personal residence) Mortgage interest (cottage) Interest on the home equity loan Interest on credit card Required: $ 18,750 10,000 6,250 3,125 Calculate any AMT adjustment concerning interest in 2020. (Input all the values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.) Regular Taxable Interest AMT Adjustment Deduction Mortgage interest for residence Vacation cottage Home equity loan Credit card Interest
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