Question
Mitch, who is single and age 46 and has no dependents, had AGI of $100,000 this year. His potential itemized deductions were as follows. Medical
- Mitch, who is single and age 46 and has no dependents, had AGI of $100,000 this year. His potential itemized deductions were as follows.
| Medical expenses (in excess of AGI floor) | $15,000 |
| State income taxes | 3,000 |
| Real estate taxes | 7,000 |
| Mortgage interest (acquisition of primary residence) | 13,000 |
| Home equity loan interest (loan used to finance the purchase of a car) | 4,000 |
| Unreimbursed employee expenses | 4,300 |
What is the amount of Mitchs AMT adjustment for itemized deductions for 2020?
|
| a. | $12,300. |
|
| b. | $10,000. |
|
| c. | $16,300. |
|
| d. | $34,300. |
I chose A. It was wrong but I would like to know what the correct answer was.
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Fair Value Measurement Practical Guidance And Implementation
Authors: Mark L. Zyla
3rd Edition
1119191238, 9781119191230
