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  3. 1. bernice sells her house to john on august 1 for

1. Bernice sells her house to John on August 1 for $700,000. The yearly real...

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Accounting

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1. Bernice sells her house to John on August 1 for $700,000. The yearly real estate taxes are $6,000 and John pays the entire 512.000 on October 1.suming that both Bernice and John itemize their deductions how much will they each deduct with respect to the $6,000 paid by John? What will the saing price and the purchase price be of the house be for federal income tax purposes

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