Nancy sold her personal residence on june 30 under an, Ask an Expert

Accounting

Nancy paid the following taxes during the year:

Taxes on residence (for the period from March 1 through August 31) $5,250
State motor vehicle tax (based on the value of the personal use automobile) 430
State income tax 3,050
State and local sales tax 3,500

Nancy sold her personal residence on June 30, under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What amount qualifies as a deduction from AGI for Nancy?

a) $9,180.

b) $9,130.

c) $7,382.

d) $5,382.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M977326

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