The real property tax year in adams county is the calendar, Ask an Expert

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The real property tax year in Adams County is the calendar year. The real property tax becomes a person liability of the owner of real property on January 1 in the current real property tax year 2009. The tax is payable on July 1, 2009. On June 30, 2009, Phil sells his house to Cheryl fot $330,000. On July 1, 2009, Cheryl pays the entire real estate tax of $5,475 for the year ending December 31, 2009.

a. How much of the property taxes may Phil deduct?

b. How much of the property taxes may Cheryl deduct?

c. What is Cheryl basis in the property?

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Accounting Basics, Accounting

Category:- Accounting Basics
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