X Corporation owns real and personal property in New York. Under New York law, X is liable for taxes on real property on the first day of any payment date if it owns real property in the state. The dates are 2/1, 5/1, 8/1, 11/1. For 20X7 the amounts due on each date are $300. Under New York law, a taxpayer is liable for personal property taxes on property held on the first day of the year, payable 60% on July 1 following, and 40% on the 1st day of February of the succeeding year. For 20X7, X pays $300 on 11/1/X7 for the last quarter real estate taxes, and $6,000 of personal property taxes on 7/1/X7. The remaining $4,000 of personal property taxes are paid on 2/1/X8. When may these taxes be deducted?
X Corporation owns real and personal property in New York. Under New York law, X is liable for taxes on real property on the first day of any payment date if it owns real property in the state. The dates are 2/1, 5/1, 8/1, 11/1. For 20X7 the amounts due on each date are $300. Under New York law, a taxpayer is liable for personal property taxes on property held on the first day of the year, payable 60% on July 1 following, and 40% on the 1st day of February of the succeeding year. For 20X7, X pays $300 on 11/1/X7 for the last quarter real estate taxes, and $6,000 of personal property taxes on 7/1/X7. The remaining $4,000 of personal property taxes are paid on 2/1/X8. When may these taxes be deducted?
For unlimited access to Homework Help, a Homework+ subscription is required.
Related questions
2. Steve Pratt, who is single, purchased a homein Spokane, Washington, for $615,000. He moved into the home onFebruary 1 of year 1. He lived in the home as his primary residenceuntil June 30 of year 5, when he sold the home for $912,500.(Leave no answer blank. Enter zero ifapplicable.)
a. What amount of gain will Steve be requiredto recognize on the sale of the home?
|
b. Assume the original facts, except that thehome is Steveâs vacation home and he vacations there four monthseach year. Steve does not ever rent the home to others. What gainmust Steve recognize on the home sale?
|
c. Assume the original facts, except that Stevemarried Stephanie on February 1 of year 3 and the couple lived inthe home until they sold it in June of year 5. Under state law,Steve owned the home by himself. How much gain must Steve andStephanie recognize on the sale (assume they file a joint return inyear 5).
|
5. In year 1, Peter and Shaline Johnsen movedinto a home in a new subdivision. Theirs was one of the first homesin the subdivision. In year 1, they paid $4,100 in real propertytaxes to the state government, $1,200 to the developer of thesubdivision for an assessment to pay for the sidewalks, and $890for real property taxes on land they hold as an investment. Whatamount of property taxes are the Johnsens allowed to deductassuming their itemized deductions exceed the standard deductionamount before considering any property tax deductions?
|