Michelle a single individual reports 2015 adjusted gross


Michelle, a single individual, reports 2015 adjusted gross income of $280,000 and has the following itemized deductions before applicable limitations

Medical expenses                                                       $ 14000

Interest on home acquisition mortgage with a                25000

principal amount of $650,000

Interest on home equity loan with a principal :                6000

amount of $95000

Taxes                                                                             7000

Miscellaneous itemized deductions                                 8800

a. What are Michelle’s itemized deductions for regular tax purposes? $

b. What are Michelle’s itemized deductions for AMT purposes? $

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Financial Accounting: Michelle a single individual reports 2015 adjusted gross
Reference No:- TGS01592260

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