When you’re advertisement your address accommodation for sale, you’ll charge to apperceive key facts about your accommodation such as the cardinal of shares you own and what percent of your account aliment is tax deductible. Instead of academic what percent of your aliment is tax deductible or accomplishing a circuitous adding from the banking statements, artlessly retrieve the address tax answer letter your address association mailed you! This address tax answer letter is formally accepted as IRS Form 1098 and tells you absolutely what allocation of the building’s absolute acreage taxes and absorption you paid as a shareholder.
As continued as your address is adjustable with Section 216 of the tax cipher and is primary affianced in actuality a accommodation accommodating against added business activities, shareholders will be able to abstract their allocation of the address corporation’s absolute acreage taxes and interest! Learn added about the differences amid co-ops vs condos as able-bodied as condops in our blog!
Note: Your accommodating association or your building’s administration aggregation should mail you your address tax answer letter by January 31st of anniversary year!
Gotham City Association 111 Broadway New York, New York 10017
January 21, 2017
TO: Stockholders of Gotham City Corporation
RE: PERSONAL INCOME TAX INFORMATION FOR 2016
Pursuant to the accoutrement of Section 216 of the Internal Revenue Code, a addressee stockholder of a accommodating accommodation association is advantaged to an itemized answer for a commensurable allotment of absorption and absolute acreage taxes paid or accrued by the accommodation corporation.
These deductions are accessible alone if you catalog deductions on your claimed assets tax return. If you endemic your shares for beneath than the aeon apparent above, you charge accord your deductions, contrarily accumulate the cardinal of shares endemic by you, as adumbrated on your banal affidavit by the bulk per allotment declared below.
*If you accept accustomed any absolute acreage tax abatements such as the New York City Address and Condo Tax Abatement, School Tax Relief (STAR), Veterans Exemption, Senior Citizen Exemption or the NYC $400 Absolute Acreage Tax Rebate, you charge abate your gross absolute acreage tax answer by those amounts.
If you accept any questions, amuse argue your tax advisor, we cannot accommodate tax admonition to alone shareholders.
For the agenda year 2016, your Per Allotment deductions are:
INTEREST $2.3521 per share
*REAL ESTATE TAX/GROSS $29.1236 per share
Assessments for basal improvements aggregate contributions to the basal of the association and may be added to the base of your investment. Contributed basal in 2016 was $0 Per Share.
Please absorb this letter for approaching reference.
After you’ve begin your address tax answer letter and ample out the percent of your aliment that is tax deductible, you’ll charge to annex a few added basal pieces of admonition to be able to account your apartment. These accommodate the cardinal of bedrooms and bathrooms, absolute allowance count, what attic your assemblage is on, account maintenance, cast tax, max costs allowed, cardinal of shares owned, pet policy, assemblage condition, assemblage appearance (i.e. open, blocked or partially obstructed), assemblage acknowledgment (i.e. administration windows face), agent assuming times and instructions, aboriginal assuming date, whether the assemblage is occupied, accessible abode times, advertisement description, advertisement amount and agency offered to buyers’ agents. You can abide your advertisement capacity online at Hauseit and we’ll account your home on the RLS (i.e. NYC’s Multiple Advertisement Service) and dozens of added sites like StreetEasy aural 48 hours.
Once you’re able-bodied underway with your sale, you’ll charge added abundant admonition such as the building’s banking statements, proprietary charter and appraisal information. You can acquisition a complete account of affidavit you’ll charge for your NYC address accommodation auction in this article.
Please note: this commodity is not advised to serve as acknowledged or tax advice. You should argue your advocate and tax advocate for all aspects of your absolute acreage transaction.
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