-4- petitioners were late with payments of insurance premiums and property taxes on the Montclair property, Home Savings added the delinquent amounts to the balance of the mortgage held by Mr. De Ocampo's parents. Delinquency notices were mailed to the residence of Mr. De Ocampo's parents. Petitioners claimed home mortgage interest deductions on their tax return for the Montclair property from the time it was purchased by Mr. De Ocampo's parents. Petitioners sold the Curtis property to Mr. De Ocampo's parents on December 28, 1989, for $215,000. Mr. De Ocampo's parents purchased the Curtis property so that another son, Richard, could live there. Mr. De Ocampo's parents obtained the mortgage on the Curtis property, and Richard made the mortgage payments. Petitioners received $91,301.52 from the escrow agent on December 28, 1989, with respect to the sale of the Curtis property. Petitioners used a portion of the sale proceeds to purchase an $80,000 cashier's check that was used as a deposit with respect to the purchase of the Montclair property. The purchase of the Montclair property closed on December 29, 1989. On January 14, 1992, Mr. De Ocampo's parents transferred title to the Montclair property to petitioners. A notation on the deed shows that the transfer was treated as a gift. On July 28, 1992, petitioners transferred a one-half interest in the Montclair property back to Mr. De Ocampo's parents because petitioners were told by a friend that the transfer to them from Mr. De Ocampo'sPage: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011