How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask emc011075 Your Own Question
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2319
Experience:  IRS licensed Enrolled Agent and tax instructor
62958156
Type Your Tax Question Here...
emc011075 is online now
A new question is answered every 9 seconds

I am purchasing a Condo. I pay $8,339.00 annually toward

Customer Question

I am purchasing a Condo. I pay $8,339.00 annually toward "Condo Fee." I questioned my association on taxation for Income Tax Filing purposes, they sent me a Pie Diagram with percentage breakdown for 13 areas. This does not tell me which if any part is taxable. They list the following items:
1. Administrative
2. Association Owned Unit Expenses
3. Communications
4. Contracted Services
5. Insurance
6. Insurance & Taxes
7. Irrigation
8. Landscaping
9. Payroll & Benefits
10. Professional Services
11. Repair and Maintenance
12. Reserve Contribution
13. Utilities
How am I to determine which areas may be deductible ?
Submitted: 3 months ago.
Category: Tax
Expert:  emc011075 replied 3 months ago.

Hi. My name is ***** ***** I will be happy to help you.

How are you going to use the condo? Personal or are you going to rent it out?

Expert:  emc011075 replied 3 months ago.

If you are purchasing the condo for personal use, only mortgage interest and property taxes are deductible. All other expenses listed are considered personal and not deductible. If you are going to rent the condo, most of the expenses may be deductible, depending how/when you advertise/rent it.

Expert:  emc011075 replied 3 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.