Here are the answers to some of the most Frequently Asked Questions our firm receives.

Q.  I want to buy a car and borrow using a home equity line of credit.  Can I deduct the interest?

A. Yes. You may deduct qualified residence interest on acquisition indebtedness and home equity indebtedness(within limits).

Q.  What can trigger AMT for individuals?

A.  *A higher-than-average number of dependency exemptions*An unusually large deduction for state income taxes*Exercise of incentive stock options*A large deduction for unreimbursed employee business expenses or miscellaneous deductions*Tax-exempt interest from private activity bonds*Interest on a mortgage not used to buy, build, or improve your home