Home Buying in Queens>Question Details

wenyeung, Home Buyer in Forest Hills, NY

Someone told me that the maintenance cost for the first year after moving into a coop apt is not tax deductible. True or not?

Asked by wenyeung, Forest Hills, NY Wed Dec 19, 2012

Therefore someone moving in Dec is much better off than someone else who moves in Jan because in the former case the person loses one month of maintenance tax deductibility and in the latter case the person would lose the whole year. True?

Help the community by answering this question:


Yes. The best advice I can give you is to consult your accountant and attorney as Anna advised. They will be able to provide you with the answer, and give you your options.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!"
0 votes Thank Flag Link Thu Dec 20, 2012
Discuss with your tax professional and or attorney; once an owner deductions begin, no wait time...
0 votes Thank Flag Link Wed Dec 19, 2012
The time frame begins at the start of ownership that is when the deductibility will start.
0 votes Thank Flag Link Wed Dec 19, 2012
So there's no such thing as a waiting period for full deductibility to take effect?
0 votes Thank Flag Link Wed Dec 19, 2012
no way, the maintenance is not fully deductible anyway, only a portion. Either way, your deduction is based on what you pay no matter if you pay for a day week month or year. Good luck.

Jacques Ambron
Madeleine Realty Ltd.
108-23 Ascan Ave
Forest Hills, NY
Flag Wed Dec 19, 2012
For the entire time you own the Coop you will receive an end of the year letter to take to your accountant that will state the mortgage interest on the Coop buildings current mortgage (only If your building owns a mortgage on the building) and Real Estate taxes. Both tax deductions will be based on the shares you have with your apartment. The real estate tax is included already in your monthly maintenance. Your accountant will be the one prorating the amount based on the closing date on yhe HUD 1.
0 votes Thank Flag Link Wed Dec 19, 2012
The tax deduction is based on maintenance paid, therefore you will get a tax deduction no matter when you move in based on the amount of time that you paid mantenance
0 votes Thank Flag Link Wed Dec 19, 2012
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