Which of the Common Deductions Below Are Allowed for Regular

question 21

Multiple Choice

Which of the common deductions below are allowed for regular tax purposes but not for AMT purposes?

• A)The interest deduction for up to $100,000 of home equity debt which is not used to purchase or improve part of a principal residence
• B)Cash charitable contributions
• C)Moving expenses
• D)IRAs

---

Definitions:

Financial Consultant

A professional who provides expert advice on managing finances, including investments, taxes, retirement planning, and insurance.

Sense of Well-being

A feeling of health, happiness, and prosperity, often considered as a holistic understanding of one’s physical, psychological, and social health.

Financial Strain

A condition of experiencing stress due to inadequate financial resources or difficulties in managing financial obligations.

Financially Independent

The state of having sufficient personal wealth to live, without having to work actively for basic necessities.