Trent sells his personal residence to Chester on July 1, 2017 . He had paid $7,000 in real property taxes on March 1, 2017, the due date for property taxes for 2017 . Trent may not deduct the portion of the taxes he paid for the period the property was owned by Chester
a. True
b. False
Indicate whether the statement is true or false
True
RATIONALE: The real property taxes paid by the seller (Trent) but apportioned to the buyer (Chester) is treated as reducing the amount Trent realized from the sale of the residence. Trent may not deduct the portion of the taxes related to the period Chester owned the property.
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