Kirk and Lorna Newbold purchased a new home on August 1 of year 1 for $300,000. At the time of the purchase, it was estimated that the real property tax rate for the year would be 0.5 percent of the property's value. Because the taxing jurisdiction collects taxes on a July 1 year-end, it was estimated that the Newbolds would be required to pay $1,375 in property taxes for the property tax year relating to August through June of year 2 ($300,000 x 0.005x 11/12). The seller would be required to pay the $125 for July of year 1. Along with their monthly payment of principal and interest, the Newbolds paid $125 to the mortgage company to cover the property taxes. The mortgage company placed the maney in escrow and used the funds in the escrow account to pay the property tax bill in July of year 2. The Newbolds itemized deductions exceed the standard deduction before considering real property and they don't pay any other deductible taxes during the year. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) a. How much in real property taxes can the Newbolds deduct for year 1? Tax deduction for year 1