Home Buying in Queens>Question Details

Susan, Home Buyer in Elmhurst A, NY

in some coop listed the maintenance fee and the deduction percentage what is deduction mean, it's different from tax deduction?

Asked by Susan, Elmhurst A, NY Fri Mar 12, 2010

i saw a coop listed the maintenance fee is 470 but it has 35% deduction, what is the deduction mean?

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Answers

3
Hello Susan. Coop maintenance fees include many things. Among them are the upkeep of the building, liability insurance, trash removal, snow removal, laundry room and elevator maintenance, etc.

Also included in the maintenance is your portion of property taxes that are based on the amount of shares this specific apartment has allocated to it. It is this portion of property tax that is deductable and in your example that amount is equivalent to 35% of the total monthly maintenance charge.

Your accountant would take the deduction on your filed taxes next year. I do hope this make it clearer to you.
0 votes Thank Flag Link Sun Mar 14, 2010
I would agree with Shai--in this case 35% of the maintenance cost is tax deductible--speak to your tax professional for additional information.
0 votes Thank Flag Link Fri Mar 12, 2010
It represents the % of maintenance that is tax deductible.
In your case the total maintanance is $470 but 35% is tax deductible.

Hope this helps,
Shai Megiddo
646-541-2183
shaimegiddo@gmail.com
0 votes Thank Flag Link Fri Mar 12, 2010
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