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Deductibility of Co-op Maintenance

Started by anonymous2
over 18 years ago
Posts: 31
Member since: May 2007
Discussion about
I know that the property tax portion of maintenance is tax deductible, but a friend insists that, to the extent a portion of the maintenance is allocable to the interest paid by the co-op on the building's mortgage (assuming there is one), that's also deductible on the individual owners' returns. Is that right?
Response by anonymous
over 18 years ago
Posts: 1
Member since: Jun 2007

Yes, that is correct. If you are a shareholder in a co-op that carries an underlying mortgage, you should receive a statement from the corporation's accountants in January which includes per share deductions for both mortgage interest and real estate taxes for the prior year.

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Response by anonymous
over 18 years ago
Posts: 631
Member since: Sep 2006

I believe that's correct. You should confirm with the building's management company on this. If you're a coop owner the mgt co will send you a statement each year showing how much of your maintenance paid is tax-deductable.

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Response by anonymous
over 18 years ago
Posts: 31
Member since: May 2007

OP here. Thanks to both of you.

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Response by anonymous
over 18 years ago
Posts: 400
Member since: Apr 2007

correct, underlying mortgage interest is fully tax deductible, as is mortgage interest on your mortgage on the unit.

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