In Battery Park City leashold condominium, are both Common Charges AND PILOT tax deductible?
Answers (2)
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
FIRST ANSWER
To my understanding the Common Charges are not tax deductible, but the PILOT is tax deductible.
Web Reference: http://www.elliman.com/fuchs
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