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Deductions & credits
At closing, the buyer reimburses the seller for the property taxes that have already been paid for the period starting from the date of sale to the end of the tax period.
However, for the purpose of deducting property taxes on their income taxes, the IRS rules still apply. The seller and buyer can deduct only the property tax corresponding to their ownership of the home--regardless of who actually paid the tax.
Source: <a rel="nofollow" target="_blank" href="http://homeguides.sfgate.com/buyers-pay-property-taxes-closing-7892.html">http://homeguides.sfgate.c...>
However, for the purpose of deducting property taxes on their income taxes, the IRS rules still apply. The seller and buyer can deduct only the property tax corresponding to their ownership of the home--regardless of who actually paid the tax.
Source: <a rel="nofollow" target="_blank" href="http://homeguides.sfgate.com/buyers-pay-property-taxes-closing-7892.html">http://homeguides.sfgate.c...>
‎June 3, 2019
11:38 AM