On July 1 of year 1, Elaine purchased a new home for $725,000. At the time of the purchase. it was estimated that the property tax bill on the home for the yoar. would be 514,500($725,000 * 25). On the setbement statement, Elaine was charged $7,250 for the year in property takes and the seller was charged $7,250. On December 31, year 1, Elaine discovered that the real property taxes on the home for the year were actually $15,500. Elaine wrote a $15,500 eheck to the local. government to poy the taxes for that calendar yeat, (Elaine was liable for the taxes because she owned the property when they became due. What amount of reat property taxes is Elaine allowed to deduct for year 1 ? (Assume not martied falng separately.) Muitiple Choice 57.750 50 58250 37250 $15.500 On July 1 of year 1, Elaine purchased a new home for $725,000. At the time of the purchase. it was estimated that the property tax bill on the home for the yoar. would be 514,500($725,000 * 25). On the setbement statement, Elaine was charged $7,250 for the year in property takes and the seller was charged $7,250. On December 31, year 1, Elaine discovered that the real property taxes on the home for the year were actually $15,500. Elaine wrote a $15,500 eheck to the local. government to poy the taxes for that calendar yeat, (Elaine was liable for the taxes because she owned the property when they became due. What amount of reat property taxes is Elaine allowed to deduct for year 1 ? (Assume not martied falng separately.) Muitiple Choice 57.750 50 58250 37250 $15.500