Partial Year Maintenance Deduction
Started by CoOpSeller
over 7 years ago
Posts: 0
Member since: Jun 2018
Discussion about
I am selling my co-op this year. I'm estimating I will close by end of June so for simplicity sake in this example, I will have incurred 50% of the maintenance charge for 2018 and the buyer will incur the other 50% when they inherit the co-op. Can I still deduct the portion of RE taxes/interest of my maintenance on my tax return since I've held the co-op for part of the year? How do I determine these amounts? Typically, the owner/resident of the co-op (which has always been myself) will receive the tax information at year-end so this would most likely be the new owner come April 2019.