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:
  1. 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.)
  2. Determine which improvements qualify (get an accounting from your HOA of improvements made while you were a homeowner and then use IRS Publication 523)
  3. 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
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Tacoma, Washington 98465
Cottage Rentals

Thinking about renting out your home? These are the rules...

Home owners are prohibited from leasing their homes for less than one (1) year. All leases shall be in writing and the tenant shall be subject to all of the provisions of the Association's Declaration, the Bylaws, and the Rules and Regulations. A copy of the lease shall be delivered to the Association's Board of Directors within seventy-two (72) hours of the lease being signed, and before occupancy.

Any failure of owner to comply shall be considered a default of the lease.

Before occupancy, a Homeowner leasing their home must provide the Board of Directors with proof that a multi-state credit report and a criminal background cheeck on the prospective lessee(s) has been performed by a reputable resource and that the information obtained has been deemed satisfactory.

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