- 7 - In 1989 and 1990, petitioner generally paid the installments on the New Jersey house mortgage, as well as the taxes and related fees associated with the undeveloped land in Florida, the Brookdale timeshare, and the Gulfstream timeshare, from the LTG account. Petitioner advertised the New Jersey house for sale and found a buyer. However, the buyer under the contract of sale defaulted, and the sale did not go through. (Petitioner was relying on the proceeds from the sale of the New Jersey house to repay loans for constructing the Florida house.) After the buyer defaulted, petitioner obtained money from his brother ($105,000) and Mrs. Wood’s mother ($100,000) to assist with the cost of constructing the Florida house. Petitioner paid an additional $155,000 of the cost and obtained a loan for the balance. Petitioner and Mrs. Wood moved into the Florida house in August 1990 and listed the New Jersey house for sale with a real estate agent. The real estate agent rented the New Jersey house for petitioner on a month-to-month basis from 1992 until it sold in 1994. A lease, dated March 15, 1993, specified that the New Jersey house would remain on the market for sale and could be shown to prospective buyers by appointment. The lease also provided that, if a contract of sale was accepted, the tenant would be given 90 days’ notice to vacate the property.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