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1. Which of the following itemized deductions may not ...

1. Which of the following...
1. Which of the following itemized deductions may not be deducted in computing the individual alternative minimum tax?
A. Qualified home mortgage interest
B. State income taxes
C. Medical expenses (limited to 10 persent of AGI)
D. Charitable deductions
E. All are correct.

2.Carey, a single taxpayer, purchased a rental house in 2005, which he actively manages. During 2005 Carey had a loss of $14,000 from the rental house. If Carey's adjusted gross income for 2005 is $140,000 before the rental loss, what is the amount of Carey's allowable deduction for the rental activity for 2005?
A) $1,400
B) 5,000
C) 10,000
D) 14,000
E) None are correct

3. For married taxpayers filing a joint return in 2005, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs start?
A) 145,950
B) 155,000
C) 208,750
D) there is no phase-out limit on QTP contributions
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Answered in 13 minutes by:
1/27/2007
Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
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Hi Samantha, welcome to just answer,

Question #1 is B-state income tax is not allowable deduction for AMT

Question #2 is B, because maximum rental loss is 25K, and the 25K is reduced by 1 dollar for every 2 dollars of income over 100k, so 140k-100k=40k 40k leaves a reduction of 20k from 25k, so the allowable loss is 5k

Question #3--the answer is D, there is no income limitation for contribution to a QTP

Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
Verified
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