A taxpayer who purchases real property during the year is allowed to deduct the property taxes on that property for the entire year in which the property was purchased.

Question

Quizplus · Accepted Answer

The taxpayer is allowed to deduct only the portion of the property taxes that accrue from the date of purchase until the end of the tax year; the taxes must be prorated based on the portion of the year the taxpayer owned the property.

A Taxpayer Who Purchases Real Property During the Year Is