- 7 -
project. Mr. Miller conveyed the unfinished house and property
(collectively, the New Bremen property) to petitioner by deed
dated February 23, 1989. On February 23, 1989, petitioner signed
a building loan and agreement (the mortgage) with the St.
Lawrence National Bank (the bank) in which the bank agreed to
lend petitioner $44,000, which was to be used for the
construction and completion of the unfinished house. These
improvements included the completion of a cellar, septic tank,
exterior framing, and interior finish work and the installation
of external siding, electricity, and plumbing. According to
petitioner, she used the loan proceeds of $44,000 to purchase the
New Bremen property from Mr. Miller. The record contains no
indication as to the cost of the land or the finished house.
Mr. Miller used the $44,000 to complete construction of the
unfinished house. After the completion of the house, Mr. Miller
resided in it with his family and faithfully made all required
payments with respect thereto; i.e., mortgage, taxes, repairs.
Petitioner included $3,416.92 in her gross income, which she
described as related to the mortgage payments made by Mr. Miller.
On Schedule A of their joint Federal income tax return,
petitioner and Mr. Ganong claimed a deduction for job expenses
and other miscellaneous expenses of $12,195.49. Of this amount,
$4,125 related to research expenses; $1,274.80 related to
petitioner's job search expenses; $3,378 related to Mr. Ganong's
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011