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Thanks for your follow-up question. It provides more information about your situation.
Your previous answer was crafted with the idea that your NYC (co-op) apartment was an owner-occupied residence -- meaning that this unit is your home. The fact that you mention a "real estate" section, a field for "land value," and a "maintenance" tab that you're seeing in TurboTax tends to make be believe that you're entering your information through Form 1040 Schedule E, which is for rental properties. Naturally, then, I need to ask for a clarification on this co-op property. Do you treat it as a rental unit, and charge rent from a tenant living there? Or is this your actual home (or a second home)?
The reason for those questions is that it makes a big difference as to the correctness of my original answer. Please allow me to briefly explain.
If the co-op is your primary residence, or at least one of your residences if you have several, then your portion of the property taxes, and any mortgage on the co-op building, are deductible, but not actual building maintenance costs. In the absence of any mortgage, and given the numbers you provide, that would mean you are entitled to a $987 property tax deduction for the year. (Please see the attached screen-capture images for a visual aid; click to open them.)
The $579 per month maintenance fee, in this scenario then, is not deductible, except for the $987 per year that is already accounted for by making the property tax entry. In fact, there shouldn't be a maintenance entry tab in the home ownership section of TurboTax (although there is in the rental property section). Certainly, if there is some element of mortgage interest present as a portion of the monthly $579 fee, then that can be included here too as a deduction. All items related to tax deductions for your primary residence end up on Form 1040, Schedule A.
If the co-op apartment is instead a rental unit, and you have either a current (rent-paying) tenant or are in the process of seeking one, then the entire amount of your $579 monthly building fee is deductible as a cost of the rental, to you, the landlord. All items related to deductions (and income) from a rental property end up on Form 1040, Schedule A.
Schedules A and E are treated differently, with different limitations and restrictions, as the information from them then flows back on your main Form 1040 federal return. Note that this same information will also flow differently onto your New York State (and NYC) Form IT-201 . . . depending on whether the co-op apartment is considered a rental or an owner-occupied home.
Hopefully this clarification makes some sense. If it does not, then that's okay too. We can still help you. Much of this information is probably easier to understand (and certainly much easier to explain) when it is communicated verbally. Screen-sharing with your TurboTax return would also be a very valuable diagnostic tool here, so that way we can see where you are in the software program, and can guide you in making your entries accurately.
Once again, I would respectfully invite you to talk to one of our professional tax service agents by creating a support ticket, if you would like to. You can even point the agent to this AnswerXchange posting (and your previous post) to read them, so that way they won't have to research the basics of NYC co-op rules and property law, and can instead quickly read the necessary facts here. (Building co-ops, you see, while quite popular in NYC, are not a common arrangement found throughout the country, and the majority of our tax professionals, CPAs, Enrolled Agents, and Attorneys are not from NY.)
I'm confident that a short 5 - 10 minute conversation with one of our agents could clear up any remaining ambiguity. Here is the link to generate a (free) support ticket. You can type in a question there using the words "What NYC co-op fees are tax deductible," for example, and that should direct you to the right phone agent queue.
https://support.turbotax.intuit.com/contact/
Thanks for your follow-up question. It provides more information about your situation.
Your previous answer was crafted with the idea that your NYC (co-op) apartment was an owner-occupied residence -- meaning that this unit is your home. The fact that you mention a "real estate" section, a field for "land value," and a "maintenance" tab that you're seeing in TurboTax tends to make be believe that you're entering your information through Form 1040 Schedule E, which is for rental properties. Naturally, then, I need to ask for a clarification on this co-op property. Do you treat it as a rental unit, and charge rent from a tenant living there? Or is this your actual home (or a second home)?
The reason for those questions is that it makes a big difference as to the correctness of my original answer. Please allow me to briefly explain.
If the co-op is your primary residence, or at least one of your residences if you have several, then your portion of the property taxes, and any mortgage on the co-op building, are deductible, but not actual building maintenance costs. In the absence of any mortgage, and given the numbers you provide, that would mean you are entitled to a $987 property tax deduction for the year. (Please see the attached screen-capture images for a visual aid; click to open them.)
The $579 per month maintenance fee, in this scenario then, is not deductible, except for the $987 per year that is already accounted for by making the property tax entry. In fact, there shouldn't be a maintenance entry tab in the home ownership section of TurboTax (although there is in the rental property section). Certainly, if there is some element of mortgage interest present as a portion of the monthly $579 fee, then that can be included here too as a deduction. All items related to tax deductions for your primary residence end up on Form 1040, Schedule A.
If the co-op apartment is instead a rental unit, and you have either a current (rent-paying) tenant or are in the process of seeking one, then the entire amount of your $579 monthly building fee is deductible as a cost of the rental, to you, the landlord. All items related to deductions (and income) from a rental property end up on Form 1040, Schedule A.
Schedules A and E are treated differently, with different limitations and restrictions, as the information from them then flows back on your main Form 1040 federal return. Note that this same information will also flow differently onto your New York State (and NYC) Form IT-201 . . . depending on whether the co-op apartment is considered a rental or an owner-occupied home.
Hopefully this clarification makes some sense. If it does not, then that's okay too. We can still help you. Much of this information is probably easier to understand (and certainly much easier to explain) when it is communicated verbally. Screen-sharing with your TurboTax return would also be a very valuable diagnostic tool here, so that way we can see where you are in the software program, and can guide you in making your entries accurately.
Once again, I would respectfully invite you to talk to one of our professional tax service agents by creating a support ticket, if you would like to. You can even point the agent to this AnswerXchange posting (and your previous post) to read them, so that way they won't have to research the basics of NYC co-op rules and property law, and can instead quickly read the necessary facts here. (Building co-ops, you see, while quite popular in NYC, are not a common arrangement found throughout the country, and the majority of our tax professionals, CPAs, Enrolled Agents, and Attorneys are not from NY.)
I'm confident that a short 5 - 10 minute conversation with one of our agents could clear up any remaining ambiguity. Here is the link to generate a (free) support ticket. You can type in a question there using the words "What NYC co-op fees are tax deductible," for example, and that should direct you to the right phone agent queue.
https://support.turbotax.intuit.com/contact/
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