Instructions For Form 6251 - Alternative Minimum Tax-Individuals

Line 5—Miscellaneous

Deductions

Home Mortgage Interest Adjustment

If you are filing Form 1040NR, enter the

Worksheet—Line 4

Keep for Your Records

amount from Schedule A (Form

1040NR), line 13.

1. Enter the total of the home mortgage interest you deducted on lines

10 through 12 of Schedule A (Form 1040) and any mortgage

Line 7—Refund of Taxes

insurance premiums you deducted on line 13 of Schedule A (Form

Include any refund from Form 1040,

1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.

line 10 (or Form 1040NR, line 11), that

2. Enter the part, if any, of the interest included on line

is attributable to state or local income

1 above that was paid on an eligible mortgage

taxes. Also include any refunds

(defined in the line 4 instructions). Include any

received in 2011 and included in

mortgage insurance premiums included on line 1

income on Form 1040, line 21, that are

above that were paid in connection with an eligible

attributable to state or local personal

mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.

property taxes or general sales taxes,

3. Enter the part, if any, of the interest included on line

foreign income taxes, or state, local, or

1 above that was paid on a mortgage whose

foreign real property taxes. Enter the

proceeds were used in a refinancing (including a

total as a negative amount. If you

second or later refinancing) of an eligible mortgage.

include an amount from Form 1040, line

Include any mortgage insurance premiums included

21, you must enter a description and

on line 1 above that were paid in connection with

the amount next to the entry space for

such a mortgage. Do not include any interest paid

line 7. For example, if you include a

on (or any mortgage insurance premiums paid in

refund of real property taxes, enter “real

connection with) the part of the balance of the new

property” and the amount next to the

mortgage that exceeded the balance of the original

entry space.

eligible mortgage immediately before it was

refinanced (or, if smaller, the balance of any prior

Line 8—Investment Interest

refinanced mortgage immediately before that

If you filled out Form 4952, Investment

mortgage was refinanced) . . . . . . . . . . . . . . . . . . 3.

Interest Expense Deduction, for your

4. Enter the part, if any, of the interest included on line

regular tax, you will need to fill out a

1 above that was paid on a mortgage:

second Form 4952 for the AMT as

•

Taken out before July 1, 1982, and

follows.

•

Secured, at the time the mortgage was taken out,

Step 1. Follow the Form 4952

by your main home or a qualified dwelling used by

you or your family (see definitions in the line 4

instructions for line 1, but also include

instructions).

the following amounts when completing

Do not include any amount entered on line 2 or line

line 1.

•

3 above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.

Any interest expense on Form 6251,

line 4, that was paid or accrued on

5. Add lines 2 through 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.

indebtedness attributable to property

6. Subtract line 5 from line 1 and enter the result on Form 6251, line 4 . . 6.

held for investment within the meaning

of section 163(d)(5) (for example,

interest on a home equity loan whose

Line 3—Taxes

Qualified dwelling. A qualified

proceeds were invested in stocks or

dwelling is any house, apartment,

bonds).

Enter the amount of all taxes from

•

condominium, or mobile home not used

Any interest that would have been

Schedule A (Form 1040), line 9, except

on a transient basis.

deductible if tax-exempt interest on

any generation-skipping transfer taxes

private activity bonds were includible in

on income distributions.

Family. Family includes only your

gross income.

brothers and sisters (whether by whole

Be sure to include any state and

Step 2. Enter your AMT disallowed

or half blood), your spouse, your

local general sales taxes from Schedule

investment interest expense from 2010

ancestors, and your lineal descendants.

A, line 5.

on line 2. Complete line 3.

Form 1040NR. If you are filing Form

Example. In 2011, Dave and

Step 3. When completing Part II,

1040NR, enter the amount of all taxes

Jennifer paid $10,000 in interest on a

refigure the following amounts, taking

from Schedule A (Form 1040NR), line

mortgage they took out to buy their

into account all adjustments and

1, except any generation-skipping

preferences.

home (an eligible mortgage). In May

transfer taxes on income distributions.

•

2011, they refinanced that mortgage

Gross income from property held for

investment.

and paid $9,000 in interest through the

Line 4—Home Mortgage

•

Net gain from the disposition of

rest of the year. The balance of the new

Interest Adjustment

property held for investment.

mortgage is the same as the balance of

•

Net capital gain from the disposition

the old mortgage. In July 2011, they

Complete the Home Mortgage Interest

of property held for investment.

Adjustment Worksheet to figure the

obtained a home equity loan on their

•

Investment expenses.

amount to enter on this line. The

home and used the proceeds to buy a

definitions of certain terms used in the

new car. They paid $5,000 in interest

Include on line 4a any tax-exempt

worksheet are as follows.

on the home equity loan in 2011. They

interest income from private activity

enter the following amounts on the

bonds that must be included on Form

Eligible mortgage. An eligible

Home Mortgage Interest Adjustment

6251, line 12. If you have any

mortgage is a mortgage whose

Worksheet: $24,000 on line 1 ($10,000

investment expenses that would have

proceeds were used to buy, build, or

plus $9,000 plus $5,000), $10,000 on

been deductible if the interest on the

substantially improve your main home

line 2, $9,000 on line 3, $ -0- on line 4,

bonds were includible in gross income

or a second home that is a qualified

for the regular tax, include them on line

$19,000 on line 5 ($10,000 plus

dwelling. A mortgage whose proceeds

$9,000), and $5,000 on line 6 ($24,000

were used to refinance another

minus $19,000).

mortgage is not an eligible mortgage.

On line 4g, enter the smaller of:

-2-

Instructions for Form 6251 (2011)

Instructions For Form 6251 - Alternative Minimum Tax-Individuals - 2011 Page 2

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