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Barbara, Other/Just Looking in Yonkers, NY

How do I calculate co-op tax deductions?

Asked by Barbara, Yonkers, NY Sat Jun 14, 2008

Can someone break down how I calculate co-op tax deductions? For instance, if my maintenance is 55% deductible, how do I calculate that?

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Answers

3
Hi Barbara,

In general, you would take your total maintenance and multiply it by the deductable percentage . . . BUT, since the deductable percentage shown in most listings is an estimate, the accurate answer is to have your agent call the management company to get the true deductable $ per share and multiply that number by the number of shares that you own.

Good Hunting
0 votes Thank Flag Link Sat Aug 2, 2008
Barabar,

I would also check out this recent post to see if it is any help.

http://www.trulia.com/voices/Home_Buying/Co_op_tax_deduction…
0 votes Thank Flag Link Sat Jun 14, 2008
Barbara,

Mathematicaly one would multiple the fee by .55 to arrive at 55% of the fee. However beyond that a realtor is not licensed to and in many states if forbidden from giving legal or tax advice. If you have a question about deductibility I would call a good accountant and ask the question. I'm sorry that I couldn't be more help but this is an area where real estate agents shouldn't be handing out advice.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Sat Jun 14, 2008
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