Article Date:
December 2006

Word Count:



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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