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 2022, she borrowed $90,000 on a home equity loan and used the proceeds to pay off credit card obligations and other debt. She paid the following in 2022: Mortgage interest (personal residence) Mortgage interest (cottage) Interest on the home equity loan Interest on credit card $ 27,000 14,400 9,000 4,500 Required: Calculate any AMT adjustment concerning interest in 2022. Note: Input all the values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.
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 2022, she borrowed $90,000 on a home equity loan and used the proceeds to pay off credit card obligations and other debt. She paid the following in 2022: Mortgage interest (personal residence) Mortgage interest (cottage) Interest on the home equity loan Interest on credit card $ 27,000 14,400 9,000 4,500 Required: Calculate any AMT adjustment concerning interest in 2022. Note: Input all the values as positive numbers. Leave no cells blank - be certain to enter "0" wherever required.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 2022, she borrowed $90,000 on a home equity loan and used the proceeds to pay off credit card
obligations and other debt. She paid the following in 2022:
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 2022.
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
$ 27,000
14,400
9,000
4,500
Regular Taxable
Interest
Deduction
AMT
Adjustment
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