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New Member
posted Jun 1, 2019 1:09:53 AM

I have a coop apartment in NYC that I rent out now and I don't know how to report my income from that.

I received a 1098 form from the cooperation for the mortgage interest but I don't know how to report the income from the rent.  and does this count as income made outside of my home state?  would i have to file separately in NY?

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1 Replies
New Member
Jun 1, 2019 1:09:54 AM

If you rent your apartment to others, you usually can deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation.

In addition to the maintenance fees paid to the cooperative housing corporation, you can deduct your direct payments for repairs, upkeep, and other rental expenses, including interest paid on a loan used to buy your stock in the corporation.

You will be depreciating your stock in the corporation rather than the apartment itself.


Check the state tax laws where the rental property is located. In most states, you are not required to file a return if your income falls below a certain amount. States may use only income received in that state or count income from all sources. 

Even if you have a loss on the rental and might not have to file a return in your old state, consider filing a return anyway so that you can establish with your old state that the rental property produced a taxable loss.

Rental Property Income and Expenses

https://ttlc.intuit.com/replies/3288530