Question
Walter, who is single, owns a personal residence in the city. He also owns a cabin near a ski resort in the mountains. He uses
Walter, who is single, owns a personal residence in the city. He also owns a cabin near a ski resort in the mountains. He uses the cabin as a vacation home. In the current year, he borrowed $60,000 on a home equity loan and used the proceeds to reduce credit card obligations and other debt. During the current year, he paid the following amounts of interest.
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Determine the amount of interest that is deductible for regular income tax and AMT purposes.
If an amount is zero, enter "0".
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What amount, if any, must Walter recognize as an AMT adjustment for interest expense?
Walter has
a positivea negativeno
AMT adjustment of $fill in the blank 14.
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