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
Answer:
B. Persons on fixed incomes.
Explanation:
Inflation is a general increase in prices and fall in the purchasing value of money, therefore, a person with a fixed income will not be affected.
<span>By renting a home instead of purchasing one, you are paying someone else's mortgage every month and getting nothing in return. While you are gaining a home to live in for the short term, in the long term you will gain nothing. When you purchase a home you will have a home that you own and that you cannot be evicted from as long as you pay your mortgage.</span>
Answer:
A. Time series
B. Cross Sectional
C. Panel
D. Cross Sectional
Explanation:
(a) Quarterly data on the level of U.S. new housing construction from 2000 to 2018, Time series data, numerical
(b) Data on number of doctor visits in 2018 for a sample of 192 individuals. Cross sectional data, numerical
(c) Data on annual health expenditures for each U.S. state from 2000 to 2018. Panel Data, Numerical
(d) Data on usual mode of transportation used to commute to work for a sample of 151 individuals. Categorical
