-4-
residential rental property located at 3313 Taney Road,
Baltimore, Maryland. The property consists of a two-story
shingle house with a driveway. There is an apartment on each
floor. Petitioner purchased the property in September 1985 and
paid $47,764.95 for the dwelling and land.
During the years at issue, petitioner rented the first floor
apartment to Mr. and Mrs. Lewis Reavis. During 1994 and 1995 the
Reavises paid $200 per month rent. During 1996 and 1997 the
Reavises paid $250 per month rent. Petitioner paid for all
utilities. The second floor apartment has been vacant for some
time. When both apartments were rented in 1993, petitioner
received about $5,000 in rent.
At trial the Court received into evidence four Schedules E,
Supplemental Income and Loss, one for each taxable year in issue,
prepared by petitioner for purposes of trial, reconstructing the
rents received, and expenses relating to the Taney Road property.
The schedules are summarized below:
Taxable Year
1994 1995 1996 1997
Rental income $2,400 $2,400 $ 3,000 $3,000
Expenses:
Insurance 458 460 510 510
Mortgage interest 9,935 10,396 9,953 9,683
Repairs 1,175 675 1,275 3,494
Supplies -0- 3,602 645 887
Taxes 1,781 1,844 2,078 4,363
Utilities 1,803 2,125 2,036 1,912
Total expenses 15,152 19,102 16,497 20,849
Add: Depreciation 1,737 1,737 1,737 1,737
Total expenses 16,889 20,839 18,234 22,586
Losses from real estate (14,489) (18,439) (15,234) (19,586)
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Last modified: May 25, 2011