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27 April, 11:48

Mike sells his home to Jane on April 2, 2019. Jane pays the property taxes covering the full calendar year in October, which amount to $2,500. How much may Mike and Jane each deduct for property taxes in 2019?

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  1. 27 April, 13:56
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    Mike is $623

    Jane is $1,877

    Explanation:

    Property tax is a tax paid on property owned by an individual or other legal entity, such as a corporation.

    Mike's deduction for property tax:

    $2,500 * 91/365 = $623

    Jane's deduction for property tax:

    $2,500 * 274/365 = $1,877
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Home » Business » Mike sells his home to Jane on April 2, 2019. Jane pays the property taxes covering the full calendar year in October, which amount to $2,500. How much may Mike and Jane each deduct for property taxes in 2019?
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