Final answer:
The correct options are 1,3,4). Medical expenses, home mortgage interest, and charitable contributions are the itemized deductions that are deductible for both regular tax and AMT with the same limitations. State and local taxes have differing treatment under AMT due to the cap introduced by the Tax Cuts and Jobs Act.
Step-by-step explanation:
The itemized deductions that are deductible for both regular tax and the Alternative Minimum Tax (AMT) with the same limitations are medical expenses, home mortgage interest, and charitable contributions. Medical Expenses are deductible to the extent that they exceed 7.5% of adjusted gross income (AGI). Home mortgage interest can be deducted up to the limit for qualified residence loans, which typically includes interest on your primary and possibly one other residence. Charitable contributions are generally deductible up to a certain percentage of your AGI depending on the type of charity and the form of the donation.
State and local taxes (SALT), however, have differing treatment under AMT since the Tax Cuts and Jobs Act (TCJA) of 2017 placed a cap on the SALT deduction which can cause variations between the regular tax and AMT calculations. For the purpose of AMT, most taxpayers cannot deduct state and local taxes, including income, sales, and property taxes, thereby creating a divergence between the two systems in this aspect.