Article Date:
December 2006


Word Count:
285

 

 

Home Ownership Denied


In 1995, Thomas Jones rented a house from Robert Peterson. In 1996, Peterson granted Jones an option to purchase the house. Under the terms of this option, Jones paid a $5,000 initial option fee and agreed to

 

·

pay more rent (rent now equaled what Peterson paid on the mortgage);

·

pay the property taxes on the house;

·

repair the roof;

·

make another option payment of $5,000 before 2002; and

·

pay off the existing mortgage on the property.

In 2000, both Peterson and Jones deducted the mortgage interest ... Log in to view full article.

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