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deducted $2,818.54 for closing costs related to the Springs Road
property on their 1992 return.
2. Mesa Verde Rental Property
Petitioners bought a one-third interest in rental property
at 316 Mesa Verde Street (Mesa Verde property) in June 1991. It
was rented when petitioners and the other co-owners (the owners)
bought it. The owners evicted the tenants. The owners then
installed a new gas range, dishwasher, furnace, heater, front
door, windows, screens, smoke detectors, a toilet, and garage
door. They painted the inside and outside of the house, did some
work not specified in the record relating to termites, landscaped
the grounds, and refinished the floors. They repaired the
sheetrock and tile in the bathroom and had general carpentry work
done. The owners hired KJB Construction to repair the kitchen
cabinets and counters. The owners did some of the work
themselves. They kept track of how many hours each worked and
paid each other $10 an hour. Mr. Frank worked 207 hours from
July 10, 1991, to September 5, 1991.
The owners prepared the following schedule of expenses for
the Mesa Verde property:
Item of Expense Amount
Services $4,122.75
Legal & professional 2,949.32
Supplies 4,227.90
Repairs general 172.95
Repairs carpentry 782.59
Repairs electrical & plumbing 246.01
Repairs painting 2,172.00
14,673.52
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Last modified: May 25, 2011