Asked by Kwyjibo, New York, NY • Sun Jun 8, 2008
The cost of owning a Coop is the my own mortgage plus the "maintenance" fee from the Coop. Am I right to say:
1) The "maintenance" on a Coop has three parts: (a) the portion for the up-keep of the Coop (b) property tax (c) the portion that pays the interest of the Coop's underlying mortgage
2) When I file for taxes, I can deduct the property tax and interest of the Coop's mortgage AND the interest paid on my own mortgage.
3) If I had a $1,000 monthly maintenance consisting of $300 on property tax, $500 on maintenance and $200 on interest on the Coop's mortgage, then i could deduct $300 plus $200 a month or $6,000 annually (the annual cost of property tax and interest on Coop's mortgage) from my taxable income?
Assuming my annual interest on my mortgage is $12K and my income tax bracket is 25%. am I right to say that i can deduct $6K plus 12K= $18Kfrom my taxable income and save 18,000 x 0.25 = $4,500 on taxes each year?
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