Question $14$

$1pts$

Which of the following deductions would be fully allowed in calculating a $40-$year old single taxpayer's AMT?

The entire amount of interest on a mortgage with a principal balance of $$500,000.$ The mortgage was originally taken out for $$400,000,$ and was almost immediately refinanced to acquire $$100,000$ in home equity.

Real estate taxes paid on the taxpayer's principal residence.

Interest on private activity bonds.

Casualty losses in excess of $10\%$ of AGI for a declared disaster.