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Until they decided to acquire the Lake Lanier property in
late 1999, petitioners had never advertised the Clark Hill
property for sale although they had been offered money for it.
Also, petitioners never rented or attempted to rent the property
to others.
On their 1996-99 Federal income tax returns, petitioners
listed deductions for “home mortgage interest”. They did not
list on those returns any deduction for investment interest, nor
did they deduct any maintenance or other expenses associated with
the Clark Hill property.
The Lake Lanier Property
Reasons for Purchase
After petitioners changed their principal residence from
Norcross to Marietta, Georgia, the length of the drive to the
Clark Hill property coupled with their children’s increased
weekend activities (in particular, their son’s participation in
weekend sports) made it inconvenient for the family to spend
weekends at the property. As a result, they used that property
less frequently and, during the 2 years before their disposition
of it, they may have visited the property a total of three times.
During that period, it became a chore for Mr. Moore just to
maintain the property, with the result that it became rundown and
had to be either renovated or disposed of.
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Last modified: November 10, 2007