Problem regarding property taxes

Reference no: EM13124988

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?

c. What is Cheryl basis in the property?

Reference no: EM13124988

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