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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2995
Experience:  IRS licensed Enrolled Agent and tax instructor
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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: 10 months ago.
Category: Tax
Expert:  emc011075 replied 10 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 10 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 10 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.