In Piatt County, the real property tax year is the calendar year. The real property tax becomes a personal liability of the owner of real property on January 1 and is payable on July 1 in the real property tax year. On June 30 of this yea (assume it is not a leap year), Harry sells his house to Judy for $110,000 and on July 1, Judy pays the entire real estat tax of $4,380 for the current year ending December 31.
a. How much of the property taxes may Harry deduct?
b. How much of the property taxes may Judy deduct?

Question

Quizplus · Accepted Answer

The Answer of In Piatt County, the real property tax year is the calendar year. The real property tax becomes a personal liability of the owner of real property on January 1 and is payable on July 1 in the real property tax year. On June 30 of this yea (assume it is not a leap year), Harry sells his house to Judy for $110,000 and on July 1, Judy pays the entire real estat tax of $4,380 for the current year ending December 31.
a. How much of the property taxes may Harry deduct?
b. How much of the property taxes may Judy deduct?

In Piatt County, the Real Property Tax Year Is the Calendar