Question
tax year:2015 Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable
tax year:2015
Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $9,100, real estate taxes of $2,800, state income taxes of $6,900, and interest on a home-equity loan of $2,300. Sylvester's regular taxable income is $188,000.
a.What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car? AMTI____
b.What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage next to his home? AMTI____
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started