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

question 16

Essay

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 year (assume not a leap year),Harry sells his house to Judy for $110,000 and on July 1,Judy pays the entire real estate 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?

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