Asked by Abigail Bussard, Oak Park, IL • Wed May 2, 2012
I'm thinking about selling my home, as it's paid off completely. I've been talking to other friends who have sold homes, and they told me that including the real estate commissions.....I'll also have to "credit" last years taxes, as well as a pro-rated amount of taxes for the months of 2012. I understand that if my home closed in say, August of 2012, I'd owe the seller January-July's worth of 2012 taxes at closing. My question is, and what point during 2012, would my 2011 taxes be paid in full, and thus eliminate the need for me to also credit this amount for last year to the buyer? Does it just depend on when the tax bill comes due and gets paid???
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