2006-08-02 16:11:04 · 4 answers · asked by dalbir 1 in Business & Finance ➔ Taxes ➔ United States
If you are an owner-occupant residing in your residence, such as a condominium or townhouse, your monthly homeowner association dues are non-deductible personal expenses.
However, if you rent the residence to tenants, then the monthly homeowner association dues are tax-deductible "ordinary and necessary" expenses. You should report those dues payments on Schedule E of your income tax returns, the same place you report the rental income received. For more details, please consult your tax adviser.
2006-08-02 16:16:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Property Taxes and Interest on your mortgage loan are the only thing that is tax deductible that I know of if you are the homeowner.
2006-08-02 16:17:49 · answer #2 · answered by His sweetie 2 · 0⤊ 0⤋
Ask the professionals....H&R Block or an equivalent tax preparation company.
http://www.hrblock.com/
2006-08-02 16:17:32 · answer #3 · answered by Jedi 7 · 0⤊ 0⤋
Don't think so unless you are a landlord owner of the property.
2006-08-02 16:14:17 · answer #4 · answered by snvffy 7 · 0⤊ 0⤋