Expand your horizons with the diverse and informative answers found on IDNLearn.com. Our community is here to provide detailed and trustworthy answers to any questions you may have.
Barbara is single and owns a home in the city, which is her primary residence. She also owns a cottage at the beach, which she treats as a vacation home. In April 2021, she borrowed $80,000 on a home equity loan and used the proceeds to pay off credit card obligations and other debt. She paid the following in 2021:
Mortgage interest (personal residence) $ 24,000
Mortgage interest (cottage) 12,800
Interest on the home equity loan 8,000
Interest on credit card 4,000
Required:
Calculate any AMT adjustment concerning interest in 2021.
Sagot :
We appreciate your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. IDNLearn.com is committed to your satisfaction. Thank you for visiting, and see you next time for more helpful answers.
