Mike sells his home to Jane on April 2, 2012. Jane pays the property taxes covering the

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Mike sells his home to Jane on April 2, 2012. Jane pays the property taxes covering the full calendar year in October, which amount to $2,500. How much may Mike and Jane each deduct for property taxes in 2012?
Mike's deduction $____________
Jane's deduction $_____________
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Related Book For  answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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