Ted, who is single, owns a personal residence in the city. He also owns a...
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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, he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile. During the year , he paid the following amounts of interest.
On his personal residence
$15,500
On his condo
6,200
On the home equity loan
4,800
On credit card obligations
1,700
What amount, if any, must Ted recognize as an AMT adjustment for the year?
a. $0
b. $4,800
c. $6,200
d. $11,000
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