Tax season is upon us, and as everyone gets ready to file their Corporate taxes (March 15th) and/or Personal taxes (April 15th) there are some deductions to be aware of.
Unfortunately, Condominium association dues for your primary residence or a second home are not tax deductible. However, there is one situation which permits a homeowner to get a tax write-off for monthly condominium dues. That is, if you own a condo that is rented to others, the dues paid qualify as an operating expense for an investment property.
Thus, if you own a condominium that you rent, but do not occupy, you can use your association dues as a tax write-off. One thing to be aware of though is that if you occupy the home for a certain amount of days per year, you cannot deduct association dues during the period you use the home for personal reasons. However, during the much longer period you rent the condo, the association dues are deductible as a necessary operating expense. This is a great benefit for investors.
To get assistance with what deductions you qualify for this year, please consult a CPA or contact us and we will be happy to refer you to a list of our CPA’s on file.
