The alternative minimum tax (AMT) is one outrageously unfair tax.
Why unfair? The AMT is unfair because it taxes deductions allowed by the regular tax.
What? You heard right. For example, the regular tax allows a deduction for the interest paid on a home equity loan. The AMT might or might not allow that deduction.
Phil Greer borrows $100,000 to send his children to college, using a home equity loan on his principal residence.
For regular tax purposes, Mr. Greer may deduct the ... Log in to view full article.