Which of the common deductions below are allowed for both, Ask an Expert

Accounting

Which of the common deductions below are allowed for both regular tax purposes and for Alternative Minimum Tax (AMT) purposes?

A. The standard deduction

B. Personal and dependency exemptions

C. State income taxes, property taxes, and all other taxes deducted on Schedule A

D. Mortgage interest from the acquisition of a residence costing less than $1 million

E. Miscellaneous itemized deductions taken on Schedule A

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M943551

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