Maintenance in a co-op consists of three things: Your share of the underlying mortgage which is the original mortgage the sponsor took out when they converted the building, your share of the real estate taxes and your share of the upkeep of the building. Your own mortgage is separate and different than the underlying mortgage portion of the maintenance. So, whether you take your own mortgage for the purchase of your unit or not, the maintenance for that unit will always still include your share of the underlying mortgage and that remains tax-deductible.
You are asking good questions. I would highly suggest you do what all serious buyers do, which is work with a skilled, experience agent as your buyer's agent who will take you through all the steps and explain all these things. We streamline your search, negotiate on your behalf and trouble-shoot along the way.
Halstead Property, LLC
Regardless if the individual shareholder has a coop loan, the building has an underlying mortgage. The portion of the mortgage interest paid allocated to an individual shareholder's apartment is tax deductible. The coop or the managing agent usually sends the shareholder the amount they can deduct each year.
The portion of real estate tax in the monthly maintenance is also deductible. Again the coop or managing agent will send the portion of RET paid allocated to an individual shareholder's unit.
In a condo common charges are not deductible. Condos do not have underlying mortgages.
Lic. Assoc. RE Broker
The Corcoran Group