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.
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