[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

[iddyrashy]

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[Qlad]

@iddy…medical expenses over 10% of AGI is deductible …that comes to 6000 so he won't take the standard deduction of 4700…and go for itemized deduction …answer shud be D…didn't really understand ur confusion…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

wow …ur question was removed by the time i answered…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[kappa1032]

So I'm probably going to get started on Business Law this weekend most likely…what's everybody's opinion on how hard business law is to learn/retain vs. tax? I feel like I'm dragging on the tax stuff so I'm hoping BLaw gets relatively easier lol

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[Anonymous]

Can someone please explain to me why home mortgage interest is not an add back item to reach AMTI? Is there any tricks to remember which ones are adjustments (add back or subtract) while which ones are preferences (add back only)?

Don Mills, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Mills had no tax preferences. His itemized deductions were as follows:

State and local income taxes $ 5,000

Home mortgage interest on loan to acquire residence $6,000

Miscellaneous deductions that exceed 2% of adjusted gross income $2,000

What amount did Mills report as alternative minimum taxable income before the AMT exemption?

a. $75,000

b. $77,000

c. $83,000

d. $72,000

The answer is 77,000 b/c home mortgage interest on loan to acquire residence is no an add back item.

Thanks!

[JamesBJames]

@Kappa, business law is pretty manageable so far. I did R1 and R2 in Becker (individual taxation), then skipped to R6-R8 to do business law. I'm halfway through R7 right now and it's very straightforward. There are a lot of exceptions to a lot of things but just understanding the gist of the topics seems like it's enough to get by on.

@coocooper, I hate AMT. I think you do not add back interest on home ACQUISITION (so you used the mortgage specifically to buy or improve a principal or secondary home), but you do add back home EQUITY interest (anything else).

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[kappa1032]

Thanks JamesBJames…I think we both started around the same time so it's kinda nice to see where you are at. My test is on the 29th too

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[oblio]

@coocooper

It looks like by the answer they are adding back the state and local taxes and the 2% misc. deduction. You do not add back acquisition mortgage interest, do not add back charity, and one more thing I'm missing.

[mallikpankaj]

HI There,

I am new to the group. Writing regulation on 25th Aug. Was looking for a summary (preferable in excel) of Exclusion, Deduction and Exemptions for Individual. Will anybody be able to help?

Pankaj

BEC: 85 July 14

[Qlad]

@ oblio..I have in my notes only these 2 items as “DO NOT ADD” back… just that if the loan is to add a room to ur residence… then the interest to it is also not added back…if u remember third thing, pls share…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

starting with b-law …can't remember anything…it's been a long time since I last gave this exam…don't kno if I will reach till even 74 this time…scheduled for 28th Aug…too much stress…

how r u all doing…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Windel]

Hi study warriors. I've been studying since Aug 1st with plans to sit on Aug 31. My approach is to read 1 chapter/day (takes about 3-4hrs at night, review/write flash cards the following morning (1hr), 45 minutes of MCQ at lunch then 8hrs on Saturday of straight MCQ, 8hrs on Sunday just for Sims and problem areas.

I'm writing notes and saving them to my Evernote so that I'll have access on all devices. Is anyone doing this (note taking process)? And if so, would you mind sharing your notes via Evernote?

Thanks in advance

[Anonymous]

I wish the best of luck to everyone studying. Time to enter the belly of the beast tomorrow.

[oblio]

@Qlad

The third thing was no deduction for personal exemption or standard deduction. The AMT has its own exemption amount to use.

[Qlad]

@oblio…thanks..so everything is an adjustment except for the charitable contribution and interest on loan for acquisition /remodel of residence …

@determined to succeed…all the best

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Author]

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