Ask Question
BusinessBusiness
30 July, 15:04

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?

+4
Answers (1)
  1. 30 July, 15:10
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Bill has to write a report for this manager. He must do some background research, write the report, and present it to a group of 30 employees. Which factor will likely influence his list of priorities? a. Logic b. Importance c. Achievability d. Time
Answers (1)
1. Imagine that you are a manager judging the performance of your employees. Describe at least two ways that you could find evidence of an employee's skills and attitude.
Answers (1)
Which of the following five steps (out of six) of cost estimation is out of order? Multiple Choice Step 1: Define the cost object to be estimated. Step 2: Determine the cost driver (s).
Answers (1)
Why is money everything? Why is money kore important than life itself? Why does koney control you? Money is scary.
Answers (1)
During the past year, a company had cash flow to creditors, an operating cash flow, and net capital spending of $30,591, $69,573, and $30,460, respectively.
Answers (1)
New Questions in Business
Sharp Focus Cameras is facing intense competitive pressure. Top marketing managers are looking for ways to cut costs. They are considering a plan to cut distribution costs by eliminating marketing intermediaries from the channel of distribution.
Answers (1)
Older adults who participated in 20 one-hour video game training sessions with the program lumosity showed reduction in their:
Answers (1)
The total of tools, equipment, machinery, and buildings used to produce goods and services is called supply. True or False
Answers (1)
What percentage of federal revenues is made up of corporate taxes
Answers (1)
F Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees, a court will probably
Answers (1)
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?
Sign Up Forgot Password?