Tax Deduction on Maintenance
Started by Misc
about 17 years ago
Posts: 20
Member since: Sep 2007
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You should get a letter at the end of the year. Ours doesn't include our number shares so I have to scramble to remember!
P.S. The managing agent sends the letter in January. If you haven't received it yet, call them.
Right, it takes the form of a letter saying "Building-mortgage interest for 2008 was $x per share. RE taxes were $y per share." They don't mention deductibility, as that's not a given.
They should also be telling you about any capital-improvement spending that increases your basis per-share, but can't remember whether that's in a letter or something you have to dig in the financials for.
In addition to the letter, I also received a 1098 tax document from the Managing Company. Please confirm if I am correct. I have to calculate my tax duduction based on the letter and also take the amount listed on the 1098 from the Managing Company into consideration when doing my taxes. Is that correct?