Rosemount Place Owners Association
Use This HOA Tax Break!
Don't overlook this easy to use tax break...
Did you know that some of the improvements your HOA made can also reduce your gain when you sell your home?
Some of those monthly dues to your HOA were spent improving your community as well as maintaining it. When you sell, it’s time to reap the financial benefits!
Follow These Steps:
- Find your percentage ownership in the HOA (Hint: look in your HOA Declaration. If you belong to a cooperative, you can find this number on your share certificate or proprietary lease.)
- Determine which improvements qualify (get an accounting from your HOA of improvements made while you were a homeowner and then use IRS Publication 523)
- Do some math: Multiply qualified HOA improvements by your ownership percentage and subtract that from your gain from selling. Read More… Taxable Gain = Gain – (Improvements X Ownership)
This tip contains general information. Individual financial situations are unique; please, consult your financial advisor or tax attorney before utilizing any of the information contained in this newsletter.
Posted
by CarolSmythe on 02/07/2014
Last updated on 02/25/2014
Last updated on 02/25/2014
Tacoma, Washington
98465