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Reply to "Alternative Minimum Tax"
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[quote=Anonymous][quote=Anonymous]The AMT was instituted to make sure upper income people were paying a minimum amount of tax. The Bush tax cuts made things a lot worse (they advertised the tax cut in the usual rate brackets, knowing that they were going to catch a lot more people with the AMT). Ways to avoid/reduce AMT would be things like, have a smaller mortgage, pay less state income tax, have fewer kids.[/quote] Mortgage has nothing to do with the AMT. Well, very little to do. HELOC interest that isn't used to improve or purchase a home is disallowed as a deduction. If you pay AMT you can still deduct most mortgage interest. Property taxes, state and local income taxes, children are all "preference items" and disallowed. AMT basically treats children as a tax shelter.[/quote]
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