Coop Tax Deductions - Mortgage Amortization
On an annual letter from a Coop accountants the per share amounts of 1. real estate taxes, 2. mortgage interest, and 3. mortgage amortization - were included for income tax purposes. I understand that real estate taxes and mortgage interest are decuctions on taxes.
Can someone explain what can be done with mortgage amortization? There is a sentance in the letter which says - " Amortization of mortgage principal and capital assesment constitute contributions to the capital of the Corporation, and may be added to your per share cost basis for future computation of gain or loss."
Hello, this question can be answered in detail and correctly by an accountant or mortgage broker.
Rhonda Holt
Licensed Agent - Specializing in Co-op & Home Sales
Awarded 1st Place in Sales for 2008 and 2009
Weichert Realtors, H.P Greenfield
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