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vlabodo [156]
1 year ago
6

Real property taxes are often assessed on the value of the property at the beginning of the year. when property is sold in the m

iddle of year, who receives the deduction for the real property tax?
Business
1 answer:
sergejj [24]1 year ago
6 0

When property is sold in the middle of year, both the buyer and seller can deduct their pro rated portion of the property tax.

The property taxes are based on the assessed value of the property. So when the property tax is pro rated at the time of the transfer, both the buyer and seller can deduct their pro rated portion of the property tax.

Buyer and seller prorations are often applied during real estate closing transactions to divide the cost of expenses like property taxes. Thus, the buyer gets a deduction for the prorated amount of property tax due after closing, and the seller gets the same deduction for the taxes.

Hence, both the buyer and seller receives the deduction for the real property tax.

To learn more about property tax here:

brainly.com/question/15227817

#SPJ4

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