The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Confirmation - quick questions||Date: 1/15/2013 6:20 PM|
|Author: JAFO31||Number: 117374 of 120437|
I do not have much experience with AMT, employee with mostly salary income, and not a passel of deductions.
"So if you took the standard deduction on your regular return, it is effectively added back into your income here.
In calculating the AMT you cannot take the deductions for personal exemptions."
"In calculating the AMT, you cannot take itemized deductions for state and local income tax, real estate taxes and personal property taxes, even though these are deductible on your regular return."
"Home mortgage interest claimed as an itemized deduction is only deductible for the AMT if the loan was used to buy, build or improve your home. For regular tax purposes, interest on home equity mortgages up to $100,000 is deductible, even if you used the proceeds for personal purposes, . . . ." [As you point out]
Most of the rest of the items are N/A to my scenario.
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