Which of the following itemized deductions is not allowed for AMT purposes?
A)State income taxes.
B)Qualified housing interest.
C)Investment interest.
D)Interest on home equity loan where loan proceeds are used to improve the residence.
E)Charitable contributions.

Question

Quizplus · Accepted Answer

State income taxes are not deductible for AMT purposes. This is because the AMT already includes a provision to take into account the state and local tax deductions, effectively eliminating the deduction for state income taxes. The other deductions listed are allowed for AMT purposes, subject to certain limitations and conditions.

Which of the Following Itemized Deductions Is Not Allowed for AMT