TAX DEDUCTIBILITY INFORMATION
Shareholders of Glen Oaks Village pay a monthly maintenance charge.
This charge is determined each year by the Board of Directors. This
maintenance revenue pays for all the expenses of the co-op of which
some of them include interest on the underlying co-op mortgage and
property taxes. Both these types of expenses are deductible to those
who itemize on their personal tax returns. The exact deductible amount
changes annually. To help you complete your tax return you will receive
an annual statement of interest and taxes paid by the co-op at the
beginning of each year.
The deductible amount of your total monthly maintenance charges
is approximately 39%.
For additional information on how this applies to you, please speak
to your tax advisor.