Larkin and Oliver bought their first home in May2019. Their real estate agent told them that all ofthe property tax would be deductible. Is thisaccurate?Yes. All property tax is deductible on thepurchase of homes.Yes. Besides the complete property taxdeduction, homeowners can also get anexclusion from capital gains (but only if they area married couple, like Larkin and Oliver).No. The only tax benefit for homebuyers is thatthey are allowed to withdraw up to $10,000 fromtheir IRA to go toward the down payment fortheir home.No. Homeowners can deduct a total of $10,000between state, city, and property taxes.

The question is asking whether all of the property tax is deductible for Larkin and Oliver who…

Answered: Larkin and Oliver bought their first…

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