(Solution) AMT depreciation of personal property is calculated using which method?
AMT depreciation of personal property is calculated using which method?
a-straight line method
b-150% declining balance method
c-200% declining balance method
d-sum of the years digits method
cal reported the following itemized deductions on his 2011 tax return his AGI for 2011 was 85,000 the mortgage interest is all qualified mortgage interest to purchase his personal residence for AMT compute his total itemized deductions.
Medical expenses (after the 7.5% of AGI floor) 8,000
State income taxes 5,100
Home mortgage interest 13,500
Charitable contributions 4,200
Miscellaneous itemized deductions (after the 2% of AGI floor)
a-0
b-17,700
c-23,575
d-33,600
after computing all tax preferences and AMT adjustments adam and his wife cindy have AMTI of 290,000 if adam and cindy file a joint tax return what exemption amount can they claim for AMT for 2011
a-0
b-39,450
c-46,700
d-74,450
This question was answered on: Sep 21, 2023
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