I am currently a co-shareholder in a New York City Co-op, but am unsure where or who I can ask real estate tax questions.
The apartment has no mortgage.
I just received a letter from the management company stating how much can be deducted off my taxes for 2013.
Two figures were listed, (1) Mortgage Interest with a $ per share and (2) Real Estate taxes with a $ per share.
The letter states that I can use each rate based on the amount of shares that I have for a tax deduction. Also, attached to the letter was a form 1098 (Mortgage Interest Statement) showing $500 being listed as mortgage interest that I presume might have been used from my maintenance payments to pay for the co-op's building mortgage.
Am I only able to deduct the real estate tax per share since I have no mortgage and do I split the total in half on my taxes since i am co-shareholder?
Lastly, the apartment was registered in 2013 for the New York State School Tax Relief Program (STAR) under their basic tax exemption. Does that have any implications when filing my taxes, meaning do I have to specify it anywhere?
Read more: Who to ask for NYC Co-op real estate tax quesions?
