Deducting HOA Fees from Taxes
1 Reply
Daniel Remin
from Bronx, New York
posted over 3 years ago
Hi,
If my place is an investment property, meaning I rent it out, do my HOA fees become a tax deduction?
Thanks
Basit Siddiqi
Accountant from New York, NY
replied over 3 years ago
@Daniel Remin
An expense has to be "ordinary" and "necessary" for an expense to be deductible.
The HOA would put a lien on the house if you decided to stop paying the HOA fees.
HOA fees in my book are entitled to be deducted on your return.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you