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Ask R. Greg Paszkiewicz Your Own Question
R. Greg Paszkiewicz
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience:  9 years preparing tax returns - Marietta, GA
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How do i find out whether my maintenance fee is deductible

Customer Question

I jsut bought a brand new Coop in manhattan and this is the first time Im filing a return which will include interest and closing fees. I also wanted to know what else I can include. Is there anything I'm missing, from the closing process, maintence, PMI, or any other deductions per this
coop process that you might suggest?
Submitted: 11 years ago.
Category: Tax
Expert:  R. Greg Paszkiewicz replied 11 years ago.
Maintenance fees are not deductible. Out of the closing: loan origination or discount points are deductible as well as any interim interest charged.
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience: 9 years preparing tax returns - Marietta, GA
R. Greg Paszkiewicz and 2 other Tax Specialists are ready to help you
Customer: replied 11 years ago.
Reply to R. Greg Paszkiewicz's Post: I thought that there is a certain percentage that can be tax deductible?
Customer: replied 11 years ago.
Reply to R. Greg Paszkiewicz's Post: How come I notice that in NY that there is a percentage of maintenance fees tht are tax deductible?
Expert:  R. Greg Paszkiewicz replied 11 years ago.
When you say "in NY" do you mean in the tax forms/instructions? I looked on NY's website in both the main form and the itemized deductions form and could find no reference to maintenance of a co-op. I also searched in the FAQ and came up with nothing. If you can tell me where you see this I will try to find the answer.


        Greg

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