topic Can I deduct HOA fees for investment property -- raw land. in Deductions & credits

Can I deduct HOA fees for investment property -- raw land.

davidnabrams — Thu, 06 Jun 2019 01:02:36 GMT

It is deductible, but where is determined by how the land...

MichaelL1 — Thu, 06 Jun 2019 01:02:37 GMT

It is deductible, but where is determined by how the land is being currently used.

If the land is rented out (as pasture for example), the the HOA fees are a deductible as a Rental expense then.

If you are a land developer, then it is deductible as a Sch C business expense.

If the land is not rented and held for investment only, the the HOA fees are a deduction as "Investment expense."

For the Investment Expense go to"

Federal Taxes (may be Personal tab in self-employed)

Deductions and Credits, then scroll down to "Other Deductions and Credits" and select 2nd from bottom: "Other Deductible expense" say, No, then Yes. It is limited to deducting only the amount in excess of 2% of the adjusted gross income (TurboTax computes this, you just need to enter the amount).

I cant seem to find where to put this deductible expense....

AJKitten — Thu, 06 Jun 2019 01:02:38 GMT

I cant seem to find where to put this deductible expense. Can someone give me more clear instructions? Thanks

Which Schedule are you putting it on?

MichaelL1 — Thu, 06 Jun 2019 01:02:39 GMT

Which Schedule are you putting it on?

Where to deduct Home Owners Association fees

skips81 — Thu, 06 Jun 2019 01:02:41 GMT

Where to deduct Home Owners Association fees

What is your investment currently being used for? Rental...

MichaelL1 — Thu, 06 Jun 2019 01:02:42 GMT

What is your investment currently being used for? Rental? Raw land being held? Sch C business? See answer above as it gives more detail on where to deduct these HOA fees.

Held for investment only is how my land is currenly being...

skips81 — Thu, 06 Jun 2019 01:02:44 GMT

Held for investment only is how my land is currenly being used

There is no box for HOA fees

skips81 — Thu, 06 Jun 2019 01:02:45 GMT

There is no box for HOA fees

There will not be listed HOA fees, just investment expens...

MichaelL1 — Thu, 06 Jun 2019 01:02:46 GMT

There will not be listed HOA fees, just investment expenses such as Safty deposit box fees, investment advisory fees, this is where this belongs.
Under Federal taxes go to:
Deductions and Credits, then scroll down to "Other Deductions and Credits" and select 2nd from bottom: "Other Deductible expense" say, No, then Yes. It is limited to deducting only the amount in excess of 2% of the adjusted gross income (TurboTax computes this, you just need to enter the amount).

Yes, I see the "Safty deposit box fees" Investment adivos...

skips81 — Thu, 06 Jun 2019 01:02:48 GMT

Yes, I see the "Safty deposit box fees" Investment adivosry fees" you said "this is where is belongs".... which box does it belong in? The investment advisory fee box? Im still confused

Investment fee box

MichaelL1 — Thu, 06 Jun 2019 01:02:49 GMT

Investment fee box

ok, so I followed all of the instructions and when I hit...

skips81 — Thu, 06 Jun 2019 01:02:50 GMT

ok, so I followed all of the instructions and when I hit "no", then "yes" it takes me to a page that says "tell me about your less common expenses" the "investment fee box" page doesnt show up. Where did I go wrong?