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.

Question

04-12-2022
Business

Answered

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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 :

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