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Elderwood Properties
Petitioner estimated that in 1997 she spent approximately
412 hours on activities related to the Elderwood properties.
During 1997, the Elderwood properties were vacant, and petitioner
conducted open houses to sell the Elderwood properties.
Petitioner summarized her activities for 1997 as “arranged for
repairs, did gardening and cleaning and inspected properties on a
regular basis.” Petitioner encountered several problems with the
Elderwood properties in 1997 such as roof leaks that damaged the
painting and carpeting, vandalism, trespassing by neighborhood
children, and the eviction of a homeless person. Petitioner made
nine visits to the Elderwood properties, five of which were in
conjunction with matters relating to her law practice.
Petitioners reported the rents received and expenses from
the Elderwood properties on Schedule E of their 1997 joint income
tax return as follows:
Elderwood Elderwood
4-plex #1 4-plex #2 Total
Rents received $-0- $-0- $-0-
Less: Expenses 11,227 7,837 19,064
Income/(Loss) (11,227) (7,837) (19,064)
Lake Arrowhead Property
Petitioner estimated that she spent 197.5 hours and 214
hours in 1996 and 1997, respectively, on activities related to
the Lake Arrowhead property. The average period of customer use
for the Lake Arrowhead property was 5 days per customer and 3.86
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Last modified: May 25, 2011