Financial Statements
The co-op's financial statements can tell you about how well our co-op is doing financially. Our latest three financial statements are available here in PDF format (to view them, you must have Adobe Acrobat Reader installed on your computer):
| 2004 (904KB) |
2005 (403KB) |
2006 (156KB) |
Tax Deductions
Shareholders in a co-op corporation are considered by the Internal Revenue Service to be homeowners. As a shareholder, you may be entitled to deduct your share of the real estate taxes and mortgage interest paid by the cooperative. If you obtained an individual mortgage to purchase your shares in the corporation (also known as a "share loan"), you are also entitled to deduct any interest paid on that loan. Read more.
For the 2007 tax year, you may claim the following deductions:
• Mortgage Interest = $11.7113 per share
• Real Estate Tax = $13.4198 per share
Therefore, 37.4% of the maintenance charges you paid in 2007 is tax deductible. If you owned your apartment for only part of the year, you need to prorate the deduction accordingly.
Selling Your Shares – Capital Gain Exclusion
If you sell your shares in the co-op, you may be able to exclude some or all of the profit realized on the sale. If you can exclude all of the gain, you do not need to report the sale on your tax return; that is, you will not have to pay any taxes on the profit. If some (or all) of the gain cannot be excluded, it is taxable as a capital gain, and you must report it on Schedule D of Form 1040. Read more.
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