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Coop Owners - Tax Question

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dandj
Love of my life....

Member since 5/05

3687 total posts

Name:
Denise

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?

Posted 1/17/06 7:03 AM
 
Prudential Douglas Elliman Real Estate
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BabyBoy
is Skylar Elizabeth

Member since 5/05

4189 total posts

Name:
Tom

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

Posted 1/17/06 7:58 AM
 

karacg
Babygirl is 4!

Member since 5/05

17076 total posts

Name:
Kara®

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.

Posted 1/17/06 8:04 AM
 

ODonnell
.

Member since 9/05

5983 total posts

Name:

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.

Posted 1/17/06 10:08 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

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).

Posted 1/17/06 11:04 AM
 

dandj
Love of my life....

Member since 5/05

3687 total posts

Name:
Denise

Re: Coop Owners - Tax Question

Very cool...

Thanks!

Posted 1/17/06 3:37 PM
 
 

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