Mike sells his home to Jane on April 2, 2014. Jane pays the property taxes covering the

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Mike sells his home to Jane on April 2, 2014. 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 2014?
Mike’s deduction $ _____________
Jane’s deduction $ _____________
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Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd Edition

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

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