Is it possible to write off on my taxes any of the monthly condo fees that I pay?

Question

Next month my condo fee will go up to 135 dollars a month. This year it was 110 dollars a month, is there any type of tax write off for this fee? It covers the upkeep of the area and the buildings, please tell me that I can write something off even though my hopes aren't up :(

Answer 1

Bad news, sorry!:

Homeowners association fees (condo association fees) are considered personal living expenses and are not tax-deductible. If, however, an association has a special assessment to make one or more capital improvements, condo owners may be able to add the expense to their cost basis. Cost basis is a term for the money an owner spends for permanent improvements throughout their time in the home and is used to reduce eventual capital gains taxes when the property is sold. For example, if the association puts a new roof on a building, the expense could be considered part of a condo owner's cost basis only if they lived directly underneath it. Overall improvements to common areas, such as the installation of a swimming pool, need to be considered on a case-by-case basis but most can be included in the cost basis of any owner who can show their home directly benefits from the work.

To find out more about how the IRS views condo association fees, look to IRS Publication 17, "Your Federal Income Tax," which includes a section on condos. Order a free copy by calling (800) TAX-FORM.

Answer 2

This is not deductible. Also most of the deductions are allowed only if you itemize your deductions. You will itemize your deductions only when your deductions are more than the standard deduction ($5,350 for Single and $10,700 for Married Filing Jointly).

Answer 3

No...sorry.

Mine is $236 per month and going......up!