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 $97,500 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) Mortgage interest (cottage) Interest on the home equity loan Interest on credit card Required: Calculate any AMT adjustment concerning interest in 2021. Note: Input all the values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required. Mortgage interest for residence Vacation cottage Home equity loan Credit card Interest Regular Taxable Interest Deduction $ $ 29,250 15,600 9,750 4,875 0 $ AMT Adjustment 0 $

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 $97,500 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) Mortgage interest (cottage) Interest on the home equity loan Interest on credit card Required: Calculate any AMT adjustment concerning interest in 2021. Note: Input all the values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required. Mortgage interest for residence Vacation cottage Home equity loan Credit card Interest Regular Taxable Interest Deduction $ $ 29,250 15,600 9,750 4,875 0 $ AMT Adjustment 0 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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