NYC folks who own a coop - how is the new tax law impacting your ability to deduct maintenance fees?

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I seriously read that as a coop (not co-op) for a split second...🐓🐔

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We got fucked on this one. Trump’s way of punishing coastal metropolitan blue states with already high cost of living and taxes

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Also not sure how it would effect what you can deduct if there is an underlying mortgage on the building itself

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Unsure. It depends on the % of maintenance that goes toward property tax vs what goes to other coop costs. There is a new lower cap on the amount of property taxes you can deduct now but you may or may not have hit that already with your maintenance

Am waiting to see this myself...

I deduct for state and local taxes and that alone is over the new 10k limit... looking to buy but this one property that has a high maintenance...

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