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Video instructions and help with filling out and completing co op maintenance tax deduction 2019 - 2020
Music today we're going to walk you through how to use the co-op maintenance tax deduction calculator available at how sitcom the purpose of the calculator is to figure out what percentage of your monthly maintenance is deductible on your personal income tax return customarily as a co-op owner also known as a shareholder you receive an annual co-op tax deduction letter and this letter will specify the per share amounts that you would be able to deduct on your personal income tax is assuming that you itemize deductions on your personal income tax return the way to compute the deduction is essentially to add the per share interest amount with the real estate tax amount take that combined figure and multiply it by the number of shares that you have then you would take that number and you would divide it by the total annual cotton instead unit a typical co-op tax deduction percentage in New York City is anywhere from 40 to 50 percent as a most common figure alternatively it is possible to see one that is higher perhaps 60 percent or more or something closer to 30 percent the extent to which you can deduct these things on your tax return really depend on how much in mortgage interest your co-op is paying in other words how much do they have in loan exposure what is their interest rate and also how much in real estate taxes they're paying every year so what you would do is you would go to the calculator here and you would basically just take these figures from the tax deduction letter and plug them into the calculator so the interest deduction is approximately three dollars and 51 cents a share so we would put that in here and the real estate tax deduction is about thirty six dollars and 38 cents a share so we would put that right here now the number of coop shares owned is something that you're managing agent would be able to tell you alternatively your real estate attorney would know and you would put in the number of shares here let's just assume in this case that you have 300 shares and hypothetically let's say that your properties maintenance is 15 20 to a month we would take 15 22 and drop it in here and you can see that it's essentially already calculated your deduction amounts the total annual dollar co-op tax deduction figure is about 12 K and as you know here you're paying about 18 thousand a year in maintenance so roughly 12 K over 18 K gives you about 65 percent in terms of a tax deduction percentage quite frankly this is pretty high so you wouldn't expect naturally to see that but just to emphasize common figure is between 40 and 50 percent once you've completed the calculation you can email the results to yourself if you'd like or you can print and download a PDF if you