"Ray" wrote:

- quote -

Handle it the same way you handle the existing mortgage and property taxes.

--
Phil Marti
Clarksburg, MD

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In article <hQxtj.4287$fZ3.66[at]trndny02> ,
Ray <rayj.balt[at]DELTHISverizon.net> wrote:
- quote -

If the loan is a mortgage, the interest on the mortgage is distributed
to the shareholders.

- quote -

The one I used to live in did. Both real estate taxes and mortgage
interest (deductions) were distributed.

Seth

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Ray wrote:

- quote -

I have a client in a coop. I am looking at a form letter that has her
unit number entered along with the property tax and interest assigned to
her unit (and paid as part of her monthly fees). The letter offer the
Homeowners' Corporation's Tax ID as well. It is not a form, just a
letter as I described.
Disclaimer - I can't vouch that this is definitely the proper way, just
my only experience with tax/interest as a pass through.
JOE
www.blog.joetaxpayer.com

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I live in a six-unit coop apartment building, and we are considering taking
out a large loan to make improvements.

The question is, how do we make the interest payments deductible to the
individual shareholders? (All apartments are identical in all respects.)

Does the coop itself issue forms (I forget the number) to allow deductions
on personal returns?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >