tylertexas9631 tylertexas9631

03-01-2023
Business

Answered

On their joint tax return, wade and dorothy, both age 40, had adjusted gross income (agi) of $150,000 and claimed the following itemized deductions:

interest of $15,000 on a $100,000 home equity loan to purchase a motor home
real estate tax and state income taxes of $18,000
unreimbursed medical expenses of $17,000 (prior to agi limitation)
based on these deductions, what would be the amount of amt add-back adjustment in computing alternative minimum taxable income?

a.
$27,000

b.
$18,000

c.
$10,000

d.
2000

Answer :

Other Questions

fred, age 59, is a single taxpayer. he has wage income of $90,000 for the current tax year. fred is not an active participant in a company-maintained retirement

Mariel is buying a home and is looking forward to the tax deductions. She may deduct which of the following? Furnishings purchased on credit Closing costs Loan

5. what kinds of businesses are going to feel the impact of a per-use fee for their credit cards? explain your answer. a.

nate and teddi own a house at the beach. they rented the house to unrelated parties for eight full weeks during the current year. nate and teddi used the house

The cost at which a company records purchases of machinery and equipment should include which of the following? (Check all that apply.) Multiple select question

Before selecting the Open or Begin Return button, which of the following statements regarding starting a new return in BlockWorks is INCORRECT? A new return is

Monarch Company uses a weighted-average perpetual inventory system and has the following purchases and sales: January 1, 20 units were purchased at $10 per unit

tony and paulette are married and will file a joint return. they have one dependent son, ben, who was born earlier this year. when ben was born, paulette's fath

amy bought a small print shop for $40,000. in the current year, as a result of depreciation deductions taken on previous income tax returns, her adjusted basis

Journalize the selected transactions found in question assets completed during december of the current year by leverson lighting. use page 12 of sales, purchase