On July 1 of year 1, Elaine purchased a new home for $470,000. At the time of the purchase, it was estimated that the property tax bill on the home for the year would be $9,400 ($470,000 2%). On the settlement statement, Elaine was charged $4,700 for the year in property taxes and the seller was charged $4,700. On December 31, year 1, Elaine discovered that the real property taxes on the home for the year were actually $10,400. Elaine wrote a $10,400 check to the local government to pay the taxes for that calendar year. (Elaine was liable for the taxes because she owned the property when they became due.) What amount of real property taxes is Elaine allowed to deduct for year 1? (Assume not married filing separately.)

Multiple