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Marizza181 [45]
2 years ago
7

On July 1 of year 1, Elaine purchased a new home for $665,000. At the time of the purchase, it was estimated that the property t

ax bill on the home for the year would be $13,300 ($665,000 × 2%). On the settlement statement, Elaine was charged $6,650 for the year in property taxes and the seller was charged $6,650. On December 31, year 1 Elaine discovered that the real property taxes on the home for the year were actually $14,300. Elaine wrote a $14,300 check to the local government to pay the taxes for that calendar year (Elaine was liable for the taxes because she owned the property when they became due). What amount of real property taxes is Elaine allowed to deduct for year 1? (Assume not married filing separately.)
Business
1 answer:
tamaranim1 [39]2 years ago
5 0

Answer:

The amount of real property taxes that Elaine is allowed to deduct for year 1 is $7150.

Explanation:

Elaine started living in the new home from July, which means that she has been living there for 6 months ( as per current date). But at the time when she purchased the house the total amount of property tax was $13,300 and now it is $14,300.

Since last 6 months she has been living in that home, and current property tax is $14,300 , that means now she is allowed a 50% deduction on the property taxes ,

$14,300 / 2 = $7150

Therefore Elaine is allowed $7150 as amount of deduction on property tax.

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Eaton Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or thr
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