How do I report my co-op maintenance fees? Do all co-op management organizations have to send a form out to all residents with this information?

michael-jones112 · ‎June 5, 2019

Tiki · ‎June 5, 2019

If the property is your primary residence and not a rental property, payment of maintenance fees does not result in any deductions. Maintenance fees are similar to paying utilities for a single family residence. It is a personal expense and not deductible.

However, if you are billed interest on the co-op mortgage and real estate taxes, those items may be deductible. In Turbotax navigate to Federal Taxes, Deductions & Credits, under Your Home click Start/Update next to "Property Taxes" and enter the other property box of the input screen.

View solution in original post

afranco297 · ‎June 5, 2019

This is not accurate. Co-op owners may deduct a portion of their maintenance fees as real estate taxes. Each year, our management sends out a letter letting us know how to calculate how much we have paid in real estate taxes (how much of our maintenance fees are for real estate taxes). This consists of multiplying the number of shares we own in the co-op by a number per share which management also has calculated. This number (minus any rebates such as NYS star credit) is amount we may deduct for real estate taxes.

lomerchan · ‎October 15, 2019

Hi @afranco297 - Hoping you can help me!

I received a 1098 for my co-op which lists my portion of mortgage interest ($388) and the RE taxes ($581). Should I still be entering another line item for the total of RE tax per share x my amount of shares.

14.25 x 240 shares = $3420

Would I add this amount to my deductions as well? Or am I duplicating the info incorrectly?

How do I report my co-op maintenance fees? Do all co-op management organizations have to send a form out to all residents with this information?

State tax filing

State tax filing

State tax filing