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Question - Fred and Wilma own a home in Bedrock County, which they sold to Barney and Betty on June 30, 2017. On February 1, 2017, Bedrock County levied a property tax of $5,000 on the home for calendar year 2017, which is due on November 1, 2017. Because it is a "buyer's market" in real estate in the summer of 2017, Fred and Wilma offer to pay the full amount of the property tax for the year as part of the settlement of the sale.
Explain the federal income tax consequences to the sellers and the buyers in regard to the 2017 property tax on the home.
How would your answer above change if it were a "seller's market" and Barney and Betty agreed to pay the full amount of the property tax when it is due, with no reimbursement due at settlement from the sellers?
Payroll taxes withheld to provide Social Security and Medicare benefits are called
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