1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Electrix Inc. is an electrical appliances manufacturing company. It distributes shares of stock to its employees by placing the
Leni [432]

Answer:

<em>Employee stock ownership  plan</em>

Explanation:

An employee stock ownership plan (ESOP) is <em>a retirement plan wherein the employer contributes its shares (or funds to purchase its stock) to the fund for the advantage of the employees of the company.</em>

The company maintains an account for every employee who participates in the program.

Over time stock shares accumulate before an employee is eligible to them.

With an ESOP, while still working with the company, you never purchase or keep the stock directly.

If an employee is fired, decides to retire, is disabled, or dies, the company must transfer the stock shares in the account of the employee.

4 0
3 years ago
1. party with Alex
Ivanshal [37]
The to this question is A
6 0
3 years ago
Read 2 more answers
What is the amount of money you still owe to their credit card company called
aleksandr82 [10.1K]
Hello there.

What is the amount of money you still owe to their credit card company called

Credit card balance
is the amount of money you still owe to their credit card company
6 0
3 years ago
Lew just purchased $67,600 of equipment that is classified as 5-year MACRS property. The MACRS rates are 20 percent, 32 percent,
Nat2105 [25]

Answer:

The book value of this equipment at the end of four years if he ignores bonus depreciation $26,290.

Explanation:

Cost of property = $67,600

                           Balance    Depreciation

Year 1                  67,600         13520

Year 2                 54,080         17,306

Year 3                 36,774          7,061

Year 4                  29,713          3,423

Book vaue at the end of year 4 = 29,713 - 3423 = $26,290

6 0
3 years ago
What term is used to describe mobile technology that aggregates and provides mobile users content and services such as news, spo
vovangra [49]

A mobile phone is used by a user to perform communications-related tasks . It is used to transfer data between systems.

The most commonly used wireless communication protocol for cellular services. It employs packet switching technology, which divides data into packets for transmission before reassembling it at the other end. GSM is a digital cellular technology that provides mobile data and phone services on a wide range of devices. The Global System for Mobile Communication (GSM) is one of the 2nd telecommunications standards (2G). GSM is simply a wireless network that allows data to be transferred between mobile devices.

Find out more about communication here-

brainly.com/question/22558440

#SPJ4

8 0
1 year ago
Other questions:
  • T was insured under an individual disability income policy and was severely burned in a fire. as a result, t became totally disa
    9·1 answer
  • Increasing your 401k deduction will ________ your take-home pay and __________ your federal taxes in the current year.
    6·1 answer
  • The abrupt end of long distance cattle drives in 1885 was primarily due toa. the development of railroad cars that could haul ca
    5·1 answer
  • Consider the market for wheat in Pakistan, illustrated in the graph at right. In recent years, the government of Pakistan has es
    13·1 answer
  • _____ occurs when the amount of of capital per worker increases
    14·2 answers
  • A program in which students learn a specific skill for a particular job is called a?
    10·1 answer
  • For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended (date of
    6·1 answer
  • The Mixing Department of Complete Foods had 62,000 units to account for in October. Of the 62,000 units, 38,000 units were compl
    14·1 answer
  • What are some frustrations that may arise while working with the human-centered design thinking
    12·1 answer
  • Which components must all tasks have? Check all that apply.
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!