Author Question: On September 1, of the current year, James, a cash-basis taxpayer, sells his cottage to Bill, also a ... (Read 39 times)

Charlie · **on:** Sep 13, 2020

Question 1

Matt paid the following taxes this year:

What is the maximum amount Matt can deduct as an itemized deduction on his tax return?
◦ $6,200
◦ $5,000
◦ $5,300
◦ $4,800

Question 2

On September 1, of the current year, James, a cash-basis taxpayer, sells his cottage to Bill, also a cash-basis taxpayer, for $100,000. James' basis in the cottage is $65,000. The real property tax year is the calendar year. Real estate taxes on the property for the year are $3,650 and are payable in November of the current year. The sales agreement does not provide for apportionment of real estate taxes between the buyer and seller. Assume Bill pays all of the real estate taxes in the current year. The effects of this sales structure will be:

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kardosa007 · **Reply #1 on:** Sep 13, 2020

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