Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 1 of year 1, elaine purchased a new home f

On July 1 of year 1, Elaine purchased a new home for $665,000. At the...

50.1K

Verified Solution

Question

Accounting

image
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 tax bill on the home for the year would be $13.300 ($665,000 x 2%) On the settlement statement, Elaine was charged $ 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) 6650 for the year in proper y taxes and the seller was t:0605 Multiple Choice 7650 14,300 $7350 6650

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students