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Petitioners deducted some of the following expenses related
to the Mesa Verde property on their 1991 return:
Item of Expense Amount Deducted by Petitioners
Legal & professional $991.49
Repairs 1,124.52
Supplies 1,409.30
Services 1,374.25
4,899.56
The owners capitalized and designated a 7-year useful life
for the following items:
Item of Expense Amount Capitalized
Spiteri Bros. refinish $1,835.00
Garage door 795.06
Stove 534.86
Heater 260.00
3,424.92
Petitioners deducted depreciation of $3,424.92 on their 1991
return.
3. Nebraska Street Rental Property
Petitioners deducted $345.70 for expenses for the Nebraska
Street property on their 1991 return. These expenses included
insurance, recording fees, plumbing expenses, inspection fees,
and receipts from various hardware stores.
E. Points
Petitioners lived at 121 Whitecliff Drive in 1992.
Petitioners paid points in 1992 to refinance this home.
Petitioners paid points in 1992 for an equity line of credit
based on their equity in the Whitecliff Drive property.
Petitioners bought property at 106 Luann Court for about
$165,000 in the last few months of 1992. Petitioners paid
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