Opinion ID: 43824
Heading Depth: 2
Heading Rank: 1

Heading: Real Estate Purchases

Text: Between 1974 and 1995, Wood, along with his wife, purchased three homes, consecutively, which served as their personal residences. In 1974, the Woods purchased a home in Annandale, Virginia. After Wood retired from the military in 1977, the Woods sold the Virginia home and purchased a home in Warren, New Jersey. The New Jersey home served as the Woods’ personal residence until 1990. In 1988, the Woods purchased a piece of land in Boca Raton, Florida and in 1989, 2 hired a builder to construct a home on the property. In 1990, the Woods moved into the Florida home and listed the New Jersey residence for sale with a real estate agent. The agent rented the New Jersey residence from 1992 until 1994, when it was sold. The Woods remained in the Florida home until the mortgage was foreclosed in January 1996. In addition to the homes that they purchased as personal residences, the Woods purchased a parcel of land, a home, and two timeshares. In 1976, the Woods purchased an undeveloped parcel of land in Florida, which remained undeveloped throughout the relevant tax years.1 In 1986, the Woods purchased a house in Hilton Head Island, South Carolina, which they later sold in 1989 to help finance the construction of the home in Boca Raton, Florida. The Woods also purchased a one-week timeshare unit in Brookdale, Pennsylvania in 1977 and a one-week timeshare unit in Gulfstream, Florida in 1987. The Woods continued to own the undeveloped land in Florida and the two timeshares through 1996.