AmyC
Expert Alumni

Get your taxes done using TurboTax

The price you paid for your coop was for your share of the assets. You did not buy land in reality so you don't need to include land value. You will have assessments that include land and common areas but that is separate, like the mortgage interest from the coop is separate from your mortgage interest to purchase.

 

If you just bought the coop and you haven't made any improvements to your area, the purchase price is your basis. If you remodeled the kitchen and bathroom, you have improvements and can add that to the basis.

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