Interest on a Home Equity Loan Cannot Be Deducted for AMT

question 28

True/False

Interest on a home equity loan cannot be deducted for AMT purposes.

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Definitions:

Friend

A person with whom one has a bond of mutual affection, typically one exclusive of sexual or family relations.

Family Member

An individual who is related to another person by blood, adoption, marriage, or other recognized family bonds.

Shneidman

A prominent figure in the field of suicidology known for his extensive research and contributions to understanding suicide.

Clear Intention

A well-defined and purposeful plan or desire to accomplish a particular outcome or goal.