The real property taxes on R's house are computed on a calendar year basis and are due November 1st of each year.The realty taxes on R's house were $2,400 for 2012.R sold his house on June 1, 2012, before the property tax payment was due.How much of these real property taxes are apportioned to and deductible by R as an itemized deduction on R's 2012 Federal income tax return?
A)$0
B)$993
C)$1,407
D)$1,999
E)$2,400

Question

Quizplus · Accepted Answer

The property taxes are apportioned based on the number of days the taxpayer owned the property during the year. R owned the property for 152 days in 2012 (January 1 - June 1). The total property taxes for the year were $2,400. Therefore, R can deduct $993 (152/366 * $2,400) as an itemized deduction on his 2012 federal income tax return.

The Real Property Taxes on R's House Are Computed on a Calendar