Ted, who is single, owns a personal residence in the city. He also owns a condo near the ocean. He uses the condo as a vacation home. In March 2017, he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile. During 2017, he paid the following amounts of interest.
What amount, if any, must Ted recognize as an AMT adjustment in 2017?
A)$0
B)$4,800
C)$6,200
D)$11,000

Question

Ted, who is single, owns a personal residence in the city. He also owns a condo near the ocean. He uses the condo as a vacation home. In March 2017, he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile. During 2017, he paid the following amounts of interest. ​
 What amount, if any, must Ted recognize as an AMT adjustment in 2017?
A)$0 
B)$4,800 
C)$6,200 
D)$11,000

Quizplus · Accepted Answer

The Answer of Ted, who is single, owns a personal residence in the city. He also owns a condo near the ocean. He uses the condo as a vacation home. In March 2017, he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile. During 2017, he paid the following amounts of interest. ​
 What amount, if any, must Ted recognize as an AMT adjustment in 2017?
A)$0 
B)$4,800 
C)$6,200 
D)$11,000

Ted, Who Is Single, Owns a Personal Residence in the City