What amount must Walter recognize as an AMT adjustment

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Problem - Walter, who is single, owns a personal residence in the city. He also owns a cabin near a ski resort in the mountains. He uses the cabin as a vacation home. In the current year, he borrowed $60,000 on a home equity loan and used the proceeds to reduce credit card obligations and other debt. During the year, he paid the following amounts of interest.

On his personal residence $16,000

On the cabin 7,000

On the home equity loan 2,500

On credit card obligations 1,500

On the purchase of an SUV 1,350

Required - What amount, if any, must Walter recognize as an AMT adjustment concerning these items?

Reference no: EM132669515

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