Question

Blake sold a house to Miranda on July 1. Blake paid the entire calendar-year property taxes of $5400 on June 1. Assume a 365-day year.

How much property taxes will Miranda be entitled to deduct for the year?

Answer #1

sol:

As per the provisions the Blake paid the property tax for the entire year i.e. $5400 but the deduction allowed to Blake is only $2700 as she is the owner of the house for the half year . So Blake will get deduction of $2700 but Miranda will not get any deduction as she had not paid any property tax so the deduction allowed to Miranda will be zero

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