Tax Deductibility Information
Shareholders of Glen Oaks Village pay a monthly maintenance charge. This charge is determined each year by the Board of Directors. This maintenance revenue pays for all the expenses of the co-op of which some of them include interest on the underlying co-op mortgage and property taxes. Both these types of expenses are deductible to those who itemize on their personal tax returns. The exact deductible amount changes annually. To help you complete your tax return you will receive an annual statement of interest and taxes paid by the co-op at the beginning of each year.
The deductible amount of your total monthly maintenance charges is approximately 39%.
For additional information on how this applies to you, please speak to your tax advisor.