Alternative Minimum Tax Planning Ideas - Home Mortgage Deductions

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Home mortgage interest is deductible in computing the quarterly Tax, although determined limitations apply. The Alternative Minimum Tax similarly allows this deduction, but it is branch to differences in the limitations. Insight these differences will allow a taxpayer to plan in progress to minimize the Amt impact.

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In expanding to the former mortgage on a residence, allowable interest includes home equity loans and mortgages on a second home. For home equity loans not used to improve the residence, interest is deductible only to the extent the loan does not exceed 0,000.

Additional restrictions apply, however, before the interest is Amt-deductible. On home equity loans one must look to how the loan proceeds were used. If used to fix up or otherwise improve the former residence, the interest is fully deductible for the Amt. If instead the money is used to buy a new car (a common way to get economy financing than a car loan), or other purpose not exciting work on the residence, the interest is not deductible for the Amt. For example, assume ,000 in interest on the first mortgage, and ,000 of interest on the equity line of credit that was used to buy a new car. The total interest deduction for the quarterly Tax is ,000, yet for the Amt the deduction is diminutive to ,000. That ,000 is one of the items reported on the Form 6251.

For quarterly Tax purposes, a second home that will qualify for the mortgage interest deduction includes determined movable homes or boats, in expanding to the former singular family home or condominium. For purposes of the Alternative Minimum Tax, however, only interest on real estate loans is deductible - interest on the movable home or boat loan is not deductible for the Amt.

From a planning point of view, a taxpayer needs to know the Amt consequences of these different types of borrowing. Failure to do so can make a big disagreement in the actual cost of the loan. If it is deductible, Uncle Sam is paying part of the cost for you; if not, you're carrying it all on your own.

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