Question

26. In February of the current year (assume a non-leap year), Joe and Jeri received their property tax statement for last calendar-year taxes of $S3,000, which they paid to the taxing authority on March 1 of the current year. They had purchased their home on April 1 last year. What amount of property tax on this statement may they claim as an itemized deduction this year (rounded)? A) S0 B) $800 C) $1,074 D) $2,260

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Answer #1

The Answer is D - $2,260

Amount of property tax on that they may they claim as an itemized deduction this year = $2,260

Amount of Deduction = $3000 x (275 Days / 365 Days)

= $2,260

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ALL THE BEST !!!

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