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In 2020, Sven is single and has $134,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,700, state income
In 2020, Sven is single and has $134,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,700, state income tax of $4,700, and mortgage interest expense of $18,500 (acquisition debt of $300,000). He also has a positive AMT depreciation adjustment of $1,900.
a. What is Svens alternative minimum taxable income (AMTI)?
Description | Amount |
---|---|
Depreciation adjustment | |
Mortgage interest expense | |
Personal exemption | |
Real property taxes | |
Regular taxable income | |
State income taxes | |
Tax preparation fees | |
AMTI | $ |
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