FAQ
Here are the answers
to some of the most Frequently Asked Questions our firm
receives.
Q. I want to buy a car and borrow using a home
equity line of credit. Can I deduct the
interest?
A. Yes.
You may deduct qualified residence interest on acquisition
indebtedness and home equity indebtedness(within
limits).
Q. What can trigger AMT for
individuals?
A. *A
higher-than-average number of dependency exemptions*An
unusually large deduction for state income taxes*Exercise of
incentive stock options*A large deduction for unreimbursed
employee business expenses or miscellaneous
deductions*Tax-exempt interest from private activity
bonds*Interest on a mortgage not used to buy, build, or
improve your home
