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Jeff Bloom
Tax Deductibility of Maintenance
Thu Feb 25, 2010 15:22

Can anyone explain in simple terms what it means for a shareholder with regard to the tax deductibility of their yearly maintenance?

    • Tax Deductibility AdC, Wed Mar 3 22:20
      Board Prez. is right, The co-op's auditors/accountants should issue a letter to the shareholders each year, detailing how much real estate tax and how much mortgage interest was paid per share of the ... more
    • Deductibility Steve-Inwood, Tue Mar 2 16:38
      We also completed a windows replacement project in 2009 and the shareholders received the residential energy tax credit amount. We did not plan for this however it was a nice addition. A sample two... more
    • Tax deductibility Board Prez, Sat Feb 27 19:02
      Jeff, yes interest paid on an underlying mortgage on the building is deductible just as is interest on a mortgage or co-op you may have personally. However, the largest deductible portion of your... more
    • deductibility of maintenance RLM, Thu Feb 25 23:33
      A certain percentage of your maintenance goes toward paying mortgage costs for the co-op; that amount is tax deductible as far as tax laws permit. The co-op should provide you with that figure.... more
      • Re: deductibility of maintenance Bloom, Fri Feb 26 12:56
        Does this mean that if the yearly maintenance on a coop is $25,000 and that at the end of the year you can deduct %50 percent off of your taxes, that you actually are paying $12,500 on your... more
        • deductibility of maintenance RLM, Sat Feb 27 01:58
          Assuming that your maintenance fees are just that - no storage fee, no fitness room charges, no other miscellaneous charges, etc. - yes. That would be a hefty mortgage service, though; I believe our... more
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