Client filing MFJ.
In Illinois, real estate taxes are due one year later. (Not in the same year)
Client, "S", Sold home in Aug 1, 2011 to buyer "B". On Closing statement Seller "S" gave credit of $10,000 for property tax from Jan 1 to July 31st 2011 to buyer B.
I am preparing 2011 return for Seller "S".
Can Seller "S" deduct property tax of $10,000 on sch A?
I think he can as he paid taxes which were due in 2012 for 2011 to Buyer "B" based on TTB 4-9 explanation.
Just confirming.
Thanks!
In Illinois, real estate taxes are due one year later. (Not in the same year)
Client, "S", Sold home in Aug 1, 2011 to buyer "B". On Closing statement Seller "S" gave credit of $10,000 for property tax from Jan 1 to July 31st 2011 to buyer B.
I am preparing 2011 return for Seller "S".
Can Seller "S" deduct property tax of $10,000 on sch A?
I think he can as he paid taxes which were due in 2012 for 2011 to Buyer "B" based on TTB 4-9 explanation.
Just confirming.
Thanks!
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