What is a Coooperative?
Cooperatives are very popular in areas like New York, California, Chicago, and Hawaii. This form of ownership is often considered a hybrid between condo ownership and lease. Benefits are the same or even more attractive than condo ownership including inclusion of taxes and most utilities (at 1300 East Lafayette Cooperative).
Among the many benefits of cooperative ownership are personal income tax deductions, lower real estate tax assessments, reduced maintenance costs and resident participation and control. Cooperatives are corporations governed by an elected resident Board of Directors. Residents are shareholders of the corporation.
Approximate Tax Benefits for Unit # 2704:
Annual Fees: $9456. (approx 48% tax deductible)
Approximate ANNUAL TAX WRITE OFF: $4539.
Ask your accountant or tax preparer how this affects your own taxes. Amounts are estimated and subject to change.
