Question

Sylvester files as a single taxpayer during 2017 and claims one personal exemption. He itemizes deductions...

Sylvester files as a single taxpayer during 2017 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $16,600, real estate taxes of $3,300, state income taxes of $6,350, and interest on a home-equity loan of $4,800. Sylvester’s regular taxable income is $163,000. a. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Description Amount
Regular Taxable Income $ 1,63,000.00
Personal exemption $       4,050.00
Real estate taxes $       3,300.00
State income taxes $       6,350.00
Interest on home equity loan $       4,800.00
Total $ 1,81,500.00
Sylester 's AMTI is $181500
NOTE:
For tax year 2017 ,the personal exemption amount is $4050.
Interest paid on home equity loan is deductible for regular income tax purposes regardless of how proceeds were used
Charitable contribution is deductible both for regular and AMT purpose.
Real estate and property tax are not deductible for AMT.
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions...
1.Sylvester files as a single taxpayer during 2015 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $9,100, real estate taxes of $2,800, state income taxes of $6,900, and interest on a home-equity loan of $2,300. Sylvester’s regular taxable income is $188,000. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car? What is Sylvester's AMTI if he used the home-equity loan proceeds to build a new garage...
In 2017, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions...
In 2017, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,000, state income tax of $4,000, mort- gage interest expense of $15,000 (not a home-equity loan). He also paid $2,000 in tax preparation fees and has a positive AMT depreciation adjustment of $500. What is Sven’s alternative minimum taxable income (AMTI)? Complete Form 6251 (through line 28) for Sven.
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income...
234. Alejandro is a married taxpayer and he files a joint return. His adjusted gross income after deductions in 2019 is $250,000. The deductions that he needs to add back in for AMT purposes are $6,000 in state and local taxes and $4,000 in personal property taxes. Based on Alejandro’s alternative minimum taxable income (AMTI) of $260,000, he is entitled to subtract the what amount of the AMT exemption to arrive at his final taxable amount? A. $0 B. $54,700...
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the...
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business expenses...
1/ Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred...
1/ Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business...
Z is a cash basis single taxpayer who itemizes her deductions. During 2017, Z had $4,000...
Z is a cash basis single taxpayer who itemizes her deductions. During 2017, Z had $4,000 in state income taxes withheld from her paycheck by her employer. She also paid the following estimated state income taxes for 2017: 4/15/17 $800 6/15/17 800 9/15/17 800 1/15/18 800 What is Z’s deduction for state income taxes on her 2017 Federal income tax return, assuming she itemizes? a. $7,200 b. $3,200 c. $4,000 d. $6,000 e. $6,400
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $361,200 for 2017. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $21,980 State and local income taxes $10,836 Real estate taxes $2,167 Home mortgage interest $18,060 Charitable contributions $4,334 Deductible investment interest expense $1,625 Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations. $
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She...
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,500 State sales tax 1,300 Real estate taxes $4,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss, Federally-Declared Disaster (before 10% limitation but after $100 floor) 34,000 Linda's total itemized deduction is $
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the...
Linda, who files as a single taxpayer, had AGI of $280,000 for 2018. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000 Unreimbursed employee business expenses...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT