Yes, if you are referring to property taxes.
- A cooperative apartment building is owned by the corporation and is one complete unit, receiving one property tax bill.
- The tenants pay the tax bill as part of their maintenance fees but you receive no separate tax bill from your local taxing authority.
- The co-op management will notify each tenant about her portion of the tax bill, and you may deduct that tax bill on your income taxes as an itemized deduction.
Also, mortgage interest that you pay on a loan to purchase shares in a cooperative apartment building may be deductible subject to the same limits for all other mortgages if the shares and the corporation meet certain criteria.
- The stock you purchase must allow you the right to live in the apartment.
- The corporation can only issue one class of stock -- and only to people who live in the building.
- Eighty percent of the income of the corporation must come from tenants of the building, and 80 percent of the space in the building must be available to shareholder tenants.
- If these conditions are met, interest on a loan to purchase shares in a co-op is deductible as a home mortgage.
Related information:
Yes
No
