Trent sells his personal residence to Chester on July 1, 2018. He had paid $7,000 in real property taxes on March 1, 2018, the due date for property taxes for 2018. Trent may not deduct the portion of the taxes he paid for the period the property was owned by Chester.

Question

Quizplus · Accepted Answer

Trent is only allowed to deduct the portion of the property taxes that he paid for the period of time that he owned the property during the year. Since he sold the property on July 1, he is not allowed to deduct the taxes paid for the period of time that the property was owned by Chester.

Trent Sells His Personal Residence to Chester on July 1