Sylvester files as a single taxpayer during 2016 and claims, Accounting Basics

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Sylvester files as a single taxpayer during 2016 and claims

Question: Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,000, real estate taxes of $1,000, state income taxes of $4,000, and interest on a home-equity loan of $2,000. Sylvester's regular taxable income is $100,000.

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: Sylvester files as a single taxpayer during 2016 and claims

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Accounting Basics: Sylvester files as a single taxpayer during 2016 and claims

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