Coop Owners - Tax Question
Posted By |
Message |
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
Long Island's Largest Bridal Resource | Long Island Weddings |
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 |
|
|
Potentially Related Topics:
Currently 614133 users on the LIFamilies.com Chat
|