Monthly Archives: January 2014

Personal Income Tax Data for 2013

The following is a reproduction of a memo sent on 14 January 2014 to all shareholders by our co-op’s certified public accountants: Prisand, Mellina, Unterlack & Co., LLP.

(View/download the scanned memo [PDF, 678KB].)



Dear Shareholders:

Under the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a Cooperative apartment is entitled to deduct from personal gross income a proportionate share of interest and real estate tax paid or incurred by the Cooperative Corporation. Note that these deductions are generally available if the taxpayer itemizes tax deductions.

For the year 2013 your Per Share individual income tax deductions are as follows:

MORTGAGE INTEREST    $9.3775 per share

REAL ESTATE TAX    $19.7030 per share

For the year 2013, if you were granted any real estate tax abatements, reflected in a maintenance credit or received by check, your real estate tax deduction as stated above should be reduced by the amount of the abatements you received.

In order to compute your total deductions for 2013, multiply the number of shares owned by you, as indicated on your stock certificate, by the amounts per share stated above. If you became a stockholder, or sold your stock in the Corporation during 2013, you are permitted to deduct a fractional part of the figures, based on the proportionate part of the year you owned the stock.

Contributed capital in 2013 was $23.5902 per share for mortgage amortization and $3.7200 per share for capital assessment. This is not a deduction, but an increase in the basis of your investment.

Should you have any questions regarding the application of the aforementioned information to your individual income tax returns, please consult your personal tax advisor.

Certified Public Accountants

STAR and Co-op Abatement Credits

The following is a reproduction of a memo posted to the bulletin boards by Managing Agent Justin Verret on 13 January 2014.

(View/download the scanned memo [PDF, 300KB].)

Dear Shareholders,

The city has just released the breakdowns for the annual STAR and Co-op Abatement credits. In years past the breakdown was received in December or January and the credits were given back to those that qualify in equal monthly installments through June of that year. Last year the program was changed so that only shareholders who live in the building as their primary residence are eligible to receive the credits. The city was determining shareholder eligibility as of last June 2013, and the final list was not received by management until July 2013 with the credits being applied to accounts in August 2013.

Last year the STAR credits were given back before the Co-op Abatement. This is not going to be done this year to avoid the issues created by changes to the credits by the city after the fact. This means that STAR and co-op abatement credits will not be given back until the final list is received from the city. Hopefully this will be as soon as March 2014. This does not affect the total amount you are to be given back. It only affects the total number of months the amount is divided over.

If you do not receive STAR credits, you can still apply for the 2014/2015 tax year. The deadline for that is March 1st. The forms can be found online or by calling 311. The co-op applies for the Co-op Abatement on your behalf. You do not need to apply for that.

If you have any questions please call 914-524-8600.


Justin Verret