Coop Owners - Tax Question
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dandj
Love of my life....
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Member since 5/05 3687 total posts
Name: Denise
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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?
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Posted 1/17/06 7:03 AM |
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Member since 5/05 4189 total posts
Name: Tom
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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
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Posted 1/17/06 7:58 AM |
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karacg
Babygirl is 4!
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Member since 5/05 17076 total posts
Name: Kara®
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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.
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Posted 1/17/06 8:04 AM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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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.
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Posted 1/17/06 10:08 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name: Richard
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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).
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Posted 1/17/06 11:04 AM |
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dandj
Love of my life....
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Member since 5/05 3687 total posts
Name: Denise
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Re: Coop Owners - Tax Question
Very cool...
Thanks!
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Posted 1/17/06 3:37 PM |
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