[Topsya]

Which of the following itemized deductions are deductible when computing the alternative minimum tax (AMT) for individuals?

A. State income taxes.

B. Home equity mortgage interest when the loan proceeds were used to purchase an auto.

C. Medical expenses amounting to 10% of adjusted gross income.

D. Home equity mortgage interest when the loan proceeds were used to add an additional room to the house.

According to Wiley it’s D which I agree with.

But I also think answer C would also be correct

Is that right?

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[CPA soon]

No I think it's only acquisition loans, not loans used for other than improving the house. “D” only but I am not a AMT expert neither..

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[CPA soon]

No I think it's only acquisition loans, not loans used for other than improving the house. “D” only but I am not a AMT expert neither..

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[Topsya]

I'm sorry CPAsoon, I meant to say i think answer C is also an answer

What do you think about “C”?

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[Topsya]

I'm sorry CPAsoon, I meant to say i think answer C is also an answer

What do you think about “C”?

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[KBinMN]

Check out the 2013 form 6251 line 2.

[KBinMN]

Check out the 2013 form 6251 line 2.

[CPA soon]

Well if it said exceeding then yes but amounting to you can't deduct it. Also, if you are using 2014 Wiley (2013 tax law), the new medical expenses standard % limit is 10% and no longer 7.5% as it was last year. So as of Q3 that shouldn't affect AMT in any way..but if testing in Q2 then stick to what you know.

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[CPA soon]

Well if it said exceeding then yes but amounting to you can't deduct it. Also, if you are using 2014 Wiley (2013 tax law), the new medical expenses standard % limit is 10% and no longer 7.5% as it was last year. So as of Q3 that shouldn't affect AMT in any way..but if testing in Q2 then stick to what you know.

FAR - 71, 68, 74, (8/31/14) 78 ✔
REG - 67, 71, 71, (10/18/14) 78 ✔
BEC - (11/29/14) 86 ✔
AUD - 73, (4/4/15) 86 ✔

I can't believe this is over! 2 years and 3 months..

[Topsya]

Oh, I see now it says “amounting”

Thanks!

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[Topsya]

Oh, I see now it says “amounting”

Thanks!

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[Author]

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