In February of the current year (assume a non-leap year), Miguel and Perla received their property tax statement for last calendar-year taxes of $3,000, which they paid to the taxing authority on March 1 of the current year.

In February of the current year (assume a non-leap year), Miguel and Perla received their property tax statement for last calendar-year taxes of $3,000, 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) (Tax Year 2018)?

A) $0

B) $800

C) $1,074

D) $2,260

Expert Solution

1.

I Calculate Problem answer is = (D)

The Amount of property tax that they may claim as an itemized deduction this year will be

= $3000 x (275 Days / 365 Days)

= $3000*(0.753)

= $2,260.273

= $2,260 (Option D)

ekkarill92 answered 2 years ago

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