Which of the common deductions below are allowed for both regular tax purposes and for AMT purposes in 2019?
A)The standard deduction
B)Personal and dependency exemptions
C)State income taxes, property taxes, and all other taxes deducted on Schedule A
D)Mortgage interest from the acquisition of a residence with a loan balance less than $750,000
E)Miscellaneous itemized deductions taken on Schedule A

Question

Quizplus · Accepted Answer

Mortgage interest deduction from the acquisition of a residence with a loan balance less than $750,000 is allowed for both regular tax purposes and for AMT purposes in 2019. Other deductions like the standard deduction, personal exemptions, and miscellaneous itemized deductions taken on Schedule A are either not allowed or limited for AMT purposes. State income taxes, property taxes, and all other taxes deducted on Schedule A are also limited or not allowed for AMT purposes.

Which of the Common Deductions Below Are Allowed for Both