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Co-op Pass through & Real estate Tax deduction Limits

  • 1.  Co-op Pass through & Real estate Tax deduction Limits

    Platinum Most Valuable Member
    Posted 26 days ago
    Gentlemen


    i have heard discussions regarding the Taxes which pass through  to Co-OP shareholders.  Some have indicated that  this particular  component of an individual's Real Estate tax deduction is not subject to the $10,000 ceiling limit which has recently imposed.
    i was not aware of any exception to the limit.

    Is this true ? Can anyone comment ?


    Regards



    Abby

    ------------------------------
    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY
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  • 2.  RE: Co-op Pass through & Real estate Tax deduction Limits

    Bronze Most Valuable Member
    Posted 25 days ago
    I heard some of these discussions last year too.  I don't think this has any chance of passing IRS scrutiny.  The idea has always been to make deductions from a co-op as similar to that of the deductions for a house.  I look at this idea as similar to the charitable donations scheme to get around RET deductions.  Therefore, I would not, and did not, suggest this to any of my co-op clients.

    --
    Larry Prosky CPA
    Prosky & Rosenfeld LLP CPAs

    1025 Old Country Road
    Suite 403 W
    Westbury, NY 11590
    Direct: 516-873-9600 x1
    Fax: 516-873-9602
    Cell: 516-785-5658 or 516-661-6020
    e-mail: larry@prcpallp.com


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  • 3.  RE: Co-op Pass through & Real estate Tax deduction Limits

    Platinum Most Valuable Member
    Posted 25 days ago

    Larry

     

     

    I feel the same way... nor will I suggest it... but a staff member told me that this is SOP  at a medium size firm. I thought, perhaps I missed something in my studies...

     

    So lets leave this out there, and see if ayone else chimes in with other comments...

     

    Thanks for the response

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Ext  2   Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     






  • 4.  RE: Co-op Pass through & Real estate Tax deduction Limits

    Bronze Most Valuable Member
    Posted 25 days ago
    Maybe they inform shareholders but I am sure they don't recommend it or present it as law. 

    Sent from my iPhone