Question
In 2021, John and Lisa are married filing jointly. John and Lisas taxable income is $1,240,000 (which includes $100,000 of long-term capital gain income). Included
In 2021, John and Lisa are married filing jointly. John and Lisas taxable income is $1,240,000 (which includes $100,000 of long-term capital gain income). Included in their taxable income is a state tax refund of $1,400. Additionally, they received $152,500 of tax-exempt interest from private activity bonds. John and Lisa itemize their deductions as follows: real property taxes and state income taxes of $10,000, mortgage interest expense of $25,000 (acquisition debt), and charitable donations of $12,000. What is John and Lisas AMT? John and Lisas itemized deductions were $59,000 last year. The standard deduction for MFJ was $24,800 last year. For full credit, you must show your work for this problem.
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