Coop Owners - Tax Question

I know that part of your mortgage is tax deductable but I think I remember someone telling me that part of the maintenance fee is also tax deductable.

Is that right? Will I get some sort of statement from the coop board about this to bring to the accountant?

Re: Coop Owners - Tax Question

not sure how it works but from what i was told, yes, manitence fees (65% or ) is deductable. if i find out infomatin, i will pass it on

Re: Coop Owners - Tax Question

When I had a co-op I got a statement for tax purposes from the co-op showing what I had paid all year and what was tax deductible. You should call the co-op office and ask.

Re: Coop Owners - Tax Question

When I owned my co-op part of my maintenance fee was taxes and mortgage interest (the co-op's mortgage). I believe the total % for both was about 30%.

You should get a statement soon from the management company, but call them just to be sure.

Re: Coop Owners - Tax Question

You will get a 1098 from the co-op accounting firm stating how much property taxes you can deduct... as well as your share of the co-op's underlying mortgage (if they have one).

Re: Coop Owners - Tax Question

Very cool...

Thanks!