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We purchased a Co-Op Apartment in Brooklyn, NY, in December,
We purchased a Co-Op Apartment in Brooklyn, NY, in December, 1990, for $65K and lived there until January 2016, when we moved in with my parents to assist them because of their failing health. We have… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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I will be inheriting my aunts coop in NYC she paid $30,000
I will be inheriting my aunts coop in NYC she paid $30,000 for it in 1999 its worth about $500,000 now. I wanted to know the best way to handle it as far as taxes for me and her estate I am handling. … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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I purchased a co-op apartment in New York City last year,
I purchased a co-op apartment in New York City last year, that I have rented out. I am struggling with trying to estimate the depreciation I can claim on the property for my 2018 tax return. As it is … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,909 satisfied customers
I live in Georgia. I bought a co-op apartment in nyc in
I live in Georgia . I bought a co-op apartment in nyc in 2017. My daughter lives there and she pays the amount of the maintenance fee as her “rent”. I have an extension to file my 2017 taxes until Oct… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Fiona- Pleas let me know the tax advantages/disadvantages of
Hello Dr. Fiona- Pleas let me know the tax advantages/disadvantages of owning a Co Op. And any other pertinent information you have to share. Thank you.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,909 satisfied customers
I'm looking to sell my New York City Co-Op (~$620,000) and
I'm looking to sell my New York City Co-Op (~$620,000) and move/purchase home in FL (~$125,000) in 2019 and need to know what major issues I should be aware of … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,904 satisfied customers
I have questions regarding depreciation of co-op apartment
Hi, I have questions regarding depreciation of co-op apartment unit. My client purchased a unit in co-op apartment in 2012 for $1.5mil. It was used as their vacation home but they started to rent in 2… read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
I moved out from a New York State limited equity co-op apartment
I moved out from a New York State limited equity co-op apartment after 8 1/2 years. I received a refund of my original equity and what the co-op called amortization credit of about $500 for each of my… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I am trying to figure out my adjusted basis in a co-op that
I am trying to figure out my adjusted basis in a co-op that I recently converted to a rental. I have read the IRS instructions, which say as follows: "You will be depreciating your stock in the corpor… read more
PDtax
PDtax
Owner
Master's Degree
4,888 satisfied customers
if a tenant is bought out form a stabilized apartment, are
if a tenant is bought out form a stabilized apartment, are th emotes received this way treated as a regular income? What about the settlement reached as a compensation for damages and harassment - is … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I bought a studio co-op apartment in Brooklyn in the year
I bought a studio co-op apartment in Brooklyn in the year 2000. and sold it in the year 2012. I would like to know what I can use as a cost basis to be able to know the profit for capital gain purpose… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I live in Colorado and selling a co-op in new york city. I
I live in Colorado and selling a co-op in new york city. I understand I pay a 6.1 percent non resident capital gains tax. It would only be a questimate to fill out a New York tax form befroe closing (… read more
CGCPA
CGCPA
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Bachelor's Degree
3,815 satisfied customers
Hi.My name is Aleks. I want to sell my co-op that I got way
Hi.My name isXXXXX want to sell my co-op that I got way below market price 2 months ago and put my profit as a down payment for the house.Is that profit will be taxed? Thank you.… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I sold my co-op during 09 for $390,000 and bought a home for
I sold my co-op during '09 for $390,000 and bought a home for $220,000. Given the tax breaks this year, and that I am a widow with almost no income for 2009, how much tax will I have to pay on the sal… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,404 satisfied customers
I purchased my co-op from the City of New York for only $250
I purchased my co-op from the City of New York for only $250 ten years ago. The building was part of a government program whereby the city took possession of some buildings (landlords defaulted on tax… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
When I lived in my co-op, only a percentage of my maintenance
When I lived in my co-op, only a percentage of my maintenance expense was deductible on Schedule E. Now that I am renting out my Co-op to a tenant, can I deduct 100% of my maintenance on Schedule E.… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,252 satisfied customers
I am a Florida resident and am in the process of selling a ...
I am a Florida resident and am in the process of selling a co-op apartment in New York City. Am I subject to a capital gains tax on the sale of my shares in the co=op. If so, when did this law bewcome… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,404 satisfied customers
We are buying a townhome (end of 2007) - we own a two ...
We are buying a townhome (end of 2007-purchase price of $405,000) - we own a two family home in Brooklyn (mortgage paid up and small home equity loan $24,000 on home). We plan on staying in Brooklyn a… read more
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Ed Johnson
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Bachelor's Degree
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