- 4 - On their Schedule A, petitioners claimed as follows, in pertinent part: Itemized Deductions Amount Line 1 Medical and dental expenses$21,358 Line 4 Net medical deduction 16,175 Line 5 State and local income taxes 1,630 Line 6 Real estate taxes 3,456 Line 9 Total taxes 5,086 Line 10 Mortgage interest (financial) 4,937 Line 14 Total interest deduction 4,937 Line 18 Total contributions 2,000 Line 23 Total limited misc. expenses 33,785 Line 26 Net limited misc. deduction 32,403 Line 28 Total itemized deductions 60,603 As shown above, petitioners claimed a Schedule A deduction for real estate taxes paid of $3,456 on their 1999 Federal income tax return. During taxable year 1999 petitioners owned four distinct properties. The first property was located in the Bahamas. This property was inherited by petitioner from his mother when she passed away in 1980. This property consisted of a vacant lot, which had been zoned for duplexes. Petitioners owned two pieces of property located in Punta Gorda, Florida. One of these properties was located 10 miles from Port Charlotte and was inherited from petitioner’s mother. The other property was purchased by petitioners and was located about 10 miles from the first Florida property. The fourth property owned by petitioners was their principal residence, located in Chicago, Illinois. This property was situated on two adjoining tracts of land. The real estate taxes on the Chicago property were paid through petitioners’ mortgage loan with EMC Mortgage Corporation.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