Sylvester files as a single taxpayer during 2014 and claims, Ask an Expert

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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 $7,800, real estate taxes of $3,200, state income taxes of $5,950, and interest on a home-equity loan of $2,200. Sylvester's regular taxable income is $108,000

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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9967579

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