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#2
01-25-2006, 11:02 PM
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 Re: tax deduction and AMT quickcur[at]yahoo.com writes: - quote - > Mortgage interest can be deducted in full in regular tax
Only if the loan proceeds were used to purchase or> calculation. How about AMT? Can I deduct it in AMT? improve the property. -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
01-25-2006, 10:24 PM
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| Re: tax deduction and AMT quickcur[at]yahoo.com wrote: - quote - > Mortgage interest can be deducted in full in regular tax
Yes if it is all acquisition debt. Otherwise you need to> calculation. How about AMT? Can I deduct it in AMT? make an adjustment. See the worksheet on page 2 of the 6251 instructions. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-25-2006, 10:24 PM
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| Re: tax deduction and AMT quickcur[at]yahoo.com writes: - quote - > Mortgage interest can be deducted in full in regular tax
Yes, mortgage interest is deductible under the AMT.> calculation. How about AMT? Can I deduct it in AMT? Just a thought... You could try consulting the AMT documentation on www.irs.gov, which is rather easily located and viewed (hint: type "AMT" in the search box on the home page). << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-24-2006, 11:07 PM
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| tax deduction and AMT Mortgage interest can be deducted in full in regular tax calculation. How about AMT? Can I deduct it in AMT? Thanks, << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| amt, deduction, tax |
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