Juan and Dorothy purchase a new residence on May 1,2017.Juan and Dorothy pay the full amount of the 2017 property taxes of $7,200 on their new house when the taxes became due in December of 2017.What amount of the taxes that Juan and Dorothy pay in December 2017 can they deduct on their 2017 tax return?

A)Zero,no amount is deductible.
B)$2,400
C)$4,800
D)$7,200

Question

Juan and Dorothy purchase a new residence on May 1,2017.Juan and Dorothy pay the full amount of the 2017 property taxes of $7,200 on their new house when the taxes became due in December of 2017.What amount of the taxes that Juan and Dorothy pay in December 2017 can they deduct on their 2017 tax return?
Juan and Dorothy purchase a new residence on May 1,2017.Juan and Dorothy pay the full amount of the 2017 property taxes of $7,200 on their new house when the taxes became due in December of 2017.What amount of the taxes that Juan and Dorothy pay in December 2017 can they deduct on their 2017 tax return? A) Zero,no amount is deductible. B) $2,400 C) $4,800 D) $7,200

A)Zero,no amount is deductible. 
B)$2,400 
C)$4,800 
D)$7,200

Quizplus · Accepted Answer

Juan and Dorothy can deduct property taxes paid during the tax year, which includes the taxes paid in December of 2017. Since they paid the full amount of $7,200 in December, they can deduct the entire amount on their 2017 tax return. Therefore, the answer is D)$7,200.

Juan and Dorothy Purchase a New Residence on May 1,2017