Posted by Frank Chin on April 11, 2006 at 14:55:34:
Bob:
Depends on if you live there or not. If it’s a rental, its deductable, and I’ve been deducting them.
If you lived there, generally its not, unless you’re advised if any portion of it is deductable. Mostly, COOPS, rather than CONDOS have underlying mortgages, and thus pay mortgage interest and RE taxes though the maintenance charges, so a portion of the maintenance is deductable.
Generally, CONDO’s don’t have underlying mortgages, but I was surprised to learn the one that I have a rental in did receive a bank loan to do repairs, and thus have some interest payments included in the maintenance. Since it was a rental, I didn’t check to see if the interest was deductable or not for owner occupied.
Frank Chin