Sylvester files as a single taxpayer during 2014 and claims one personal exempti
ID: 2778126 • Letter: S
Question
Sylvester files as a single taxpayer during 2014 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,200, real estate taxes of $3,900, state income taxes of $4,550, and interest on a home-equity loan of $2,400. Sylvester’s regular taxable income is $141,000.
a.What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car?
b.What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage next to his home?
AMTIExplanation / Answer
a)
AMTI = regular taxable income + personal exemption + real estate taxes + state income taxes + home equity loan interest
= 141000 + 3650 + 3900 + 4550 + 2400
= 155500
b)
AMTI = regular taxable income + personal exemption + real estate taxes + state income taxes
= 141000 + 3650 + 3900 + 4550
= 153100
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.