Getting Ready for the Test (and other things)

Well, it's been quite the week at school. The Income Tax has stretched us all hasn't it? But did you notice it wasn't about being smart or getting done quickly - it was about being willing to try something new and discovering something new. Just lecturing about income tax will put the most studious types to sleep so I thought the best way to approach it was by just jumping in and getting our feet wet and our hands dirty. Once we've experienced the forms we can go on. For now let's put it aside and deal with the test.

As promised, here is a question that will be on the test and its answer. #4 on page 3 which says, "If the Jones buy the house, they want to move in on Sept. 1. The current owner has already paid the taxes for the year and they amounted to $2,142. What would the Jones have to pay (dollar amount) and what is that item called?" Answer: $2,142 x 4/12 = $714. It called the property tax adjustment and it is one of the closing costs.

So I'll see you on Monday - have a good weekend.

Joe