- 5 - Real Estate Rental Activities Petitioners owned the following rental real estate properties: (1) A farm and buildings in New York (New York property), (2) an apartment building in Pennsylvania (apartment building), (3) a commercial building in Pennsylvania (commercial building), and (4) a rental unit in Florida (Florida property). Petitioner’s work on the rental properties included roofing repair, electrical, heating system repairs, heating system replacement, foundation work, and routine maintenance. Based on petitioner’s calendar entries, petitioner prepared summaries of the hours spent on each of the rental real estate activities. In addition to the activities recorded in his calendar, he computed an estimate of the hours spent traveling to and from the rental properties and estimated the hours that he spent on administrative tasks. Petitioner estimated that his travel time from the Washington, D.C., area to Pennsylvania and New York was about 7 hours each way and to Florida was about 21 hours each way. In 1994, petitioner made four trips to Florida and eight trips to either New York or Pennsylvania. In 1995, petitioner made two trips to Florida and nine trips to either New York or Pennsylvania. Petitioner estimated that each year he spent approximately 80 to 100 hours on administrative work that related to the rental activities.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