Djdowd, Both Buyer and Seller in Battery Park City, New...

In Battery Park City leashold condominium, are both Common Charges AND PILOT tax deductible?

Asked by Djdowd, Battery Park City, New York, NY Sun Mar 23, 2008

I currently rent the unit.

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Answers

3
Talk with your accountant, he would be best to advise on this question.
1 vote Thank Flag Link Sun May 13, 2012
PILOT is tax deductible, your common charges are not (as in any other condominium) if it is owner-occupied. If this is an investment property that you rent out, all of the costs of maintaining the property (taxes, common charges, mortgage interest, improvements and repairs) are tax deductible.
Web Reference: http://www.elliman.com/gjm
0 votes Thank Flag Link Sun Aug 17, 2008
To my understanding the Common Charges are not tax deductible, but the PILOT is tax deductible.
0 votes Thank Flag Link Thu May 22, 2008
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