Are Condo Fees deductible on your taxes?
481998
The HOA is nt deductible, only the interests and points...
521287
Ad valorem taxes are totally separate from cost basis.  Property taxes are deductible on schedule A of the 1040 income tax return, and don't affect cost basis.  From the facts stated, Heather's realized amount cannot be determined, as it would change with realtor fees, HOA assessments, survey costs, appraisal fees, etc.  As for Keith's basis, it would begin with $300,000 dollars, plus anything paid for other closing costs (but not the real property taxes.)
660295
These fees do not include taxes.Implicit fees are inclusive of all taxes applicable.
719362
Not necessarily - there is an exclusion of $250,000 for single and $500,000 married filing jointly, assuming that you meet certain tests regarding use and occupancy. See the publication linked below.
31614
The following expenses may be tax-deductible, depending on the particulars of your tax situation. Buying a home is a great time to visit a tax professional, just to make sure you are keeping track of all your deductible expenses.\n\n* Pre-paid mortgage interest (also called "points") shown on your closing statement.\n* Pre-paid real estate taxes shown on your closing statement.\n* Regularly paid mortgage interest (reported to you by your bank on Form 1098).\n* Regularly paid real estate taxes (reported to you on the tax bill from your County's Assessor).\n\nWilliam Perez\ntaxes.about.com
180221
no it is not. If it is in your company's name then it is deductible to your company but if it is in --your b/f or g/f name then no it is not tax deductible. Sorry I couldn't give you better news. Good Luck
164153
If you were penalized for taking a CD out early, yes.  You can deduct that penalty on your 1040.
872955
You may pay several different taxes depending on where you live.\n\nSome places have a transfer tax when you buy the house, sort of like a sales tax.\n\nMost cities and counties have real estate taxes based on the value of your home. Sometimes there is a school tax, too, but sometimes they're combined.\n\nThese taxes are all deductible on your federal income tax if you itemize.\n\nSome places have a sewer tax that is based on water use so it may or may not be deductible.\n\nYour best source for this information would be a Realtor and a tax adviser.
371480
Yes.  You can deduct any investment-related expenses against the investment income you generate.  Use Schedule A.
433852
The condo association should provide you with a copy. I'm surprised you bought a condo without having a set of the rules in hand. The next surprise may be yours.
149764
My understanding is yes.\n\nHowever, you can count a percentage of the floor area or number of rooms that are EXCLUSIVELY used for your business. No exclusive, no deduction.\n\nCheck out with a tax accountant to be entirely sure, but I believe that is the rule.
845351
Yes, condos can be put on a foreclosure list. Basically, any real property where the owner has not paid taxes, mortgages, or liens can go on a foreclosure list.
404640
Depends on what you were told and when. Was this a charge that was anticipated when you were buying the place? Do you ever go to your condo board meetings? How long was this charge discussed before you moved in? Was this charge for something that occurred before you moved in? \n\nYou bought property, which includes all the associated costs and expenses of owning property. For much of it, you'll be assumed to either know or investigate these costs, especially if they were publicly known during or after your transaction.\n\nIf this was a "secret" charge in some way, then you might have a case against the condo association. (Assuming that you're speaking of the condo association and not the loan company as creating the charge -- it's not clear from the way this is written who's responsible for the charge, but it seems maybe the condo association.)
193844
Instead of Depreciation you expenses you can take a Section 179. Property eligible for the 179 expenses deduction is generally new or used tangible personal property (usually equipment or office furniture) purchased for use in a trade or business.\nCertain depreciable property is not eligible for the 179 expense deduction. Such nonqualified property includes\nreal property\nfurnishing for rental lodging\nheating units\nair conditioning units
542878
Check your CC&Rs (Conditions, Covenants and Restrictions) which sets out the rules for condo residents.  It should set out specifically what consequences there may be for unpaid fees to the HOA.  But I agree, why don't you just pay it?
337885
Coop's are real property, Condo's are real estate.\n\nThe above is the biggest difference in the properties, and thus affects the rest...\n\nAs far as the differences for common charges, you will actually find them to be relatively similar in buildings that offer the same level of services, condo's or coops.  Coop common charges include the taxes, while condos are broken down separately into common charges and taxes.\n\nTo make this as easy as possible, a condo is a better purchase because of your rights of ownership typically.  This is why you see condo prices in NYC 10-20% higher for the same unit as a condo compared to a coop.\n\nIf you buy a condo, you own that condo (real estate).  If you buy a coop, you own... the building, (shares are issued as part of the corporation controling the building, these shares represent your assignment of a space... that is owned by the coop corporation.)\n\nNow, let's take another step... if your neighbor in a condo does not pay his taxes or condo common area fees... who's liable.  He is... Real estate.\n\nIn a coop, if your neighbor does not pay, or cannot afford to pay their maintenance fees... the corporation and you to your share percentage are liable for their bills... real property. (because of this, coops are a little more sensitive as to who they will and won't let into their buildings.)\n\nBanks see a difference too.  Because they cannot account for what your neighbors will and won't pay in a coop, they typically will lend to a lower ltv in a coop over a condo...
1041127
I believe it is like our Property Taxes, which are billed annually or semiannually, based on a percentage of the last sale price or your home, condo, etc.