topic Special assessment for a co-op in NYC in Business & farm

Special assessment for a co-op in NYC

ejkassessment — Mon, 26 Jun 2023 20:25:21 GMT

I receive the STAR credit and the SCHE (senior citizen) exemptions every year, posted on my June maintenance bill.

I also receive a Special Assessment. I understand that Co-op board can charge residents for this assessment to offset building capital projects or other expenses not in the regular operating budget.

A neighbor received the STAR credit and was not eligible for the SCHE exemption. He was NOT charged a special assessment.

Is it age discrimination to charge senior citizens for a special assessment, and not anyone else?

Re: Special assessment for a co-op in NYC

Mike9241 — Mon, 26 Jun 2023 23:42:02 GMT

What you're asking is not an income tax question. Consult a lawyer.

Re: Special assessment for a co-op in NYC

Opus 17 — Tue, 27 Jun 2023 18:50:38 GMT

For income tax purposes:

Special assessments that are charged for maintenance are not deductible, they are just living expenses.
Special assessments that include improvements are not deductible, but the improvement adds to your cost basis and may reduce your capital gains tax when you sell.
The portion of your regular assessment that is for property taxes is an allowable schedule A itemized tax deduction. Remember to only deduct your net property taxes after the STAR and Enhanced STAR rebates.

You may need an itemized bill in case of audit.

You need to start by checking your condo association bylaws to see what rules they must follow regarding special assessments, exemptions, and so on. If they aren't following the rules (allowing an exemption to your neighbor that is not allowed, or denying you an exemption that should be allowed) you start by talking to your board. If you feel the board's bylaws discriminate in an unlawful way, you may want to contact an attorney or the city housing department.