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How Do Condo And Co-op Fees Differ?
Question: What is the difference between a condo fee and a co-op fee?
Answer: A co-op fee typically includes an underlying mortgage and property taxes. Mortgage interest and property taxes are typically deductible, thus much of a co-op fee is usually deductible. The precise percentage you can deduct will vary according to your particular co-op. See the co-op treasurer and your tax professional for details. A condo fee typically includes payments for such items as maintenance and management. These items are not generally deductible. Condo owners pay mortgage and property tax costs directly, and such costs -- while generally deductible -- are not included in the condo fee. A condo fee can be a deductible cost for an investment owner. For details, please speak with the condo treasurer and your tax professional.
© 1997 Peter G. Miller. All Rights Reserved.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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