Is this how I calculate my “rent” for a co-op?
Started by Baier
over 3 years ago
Posts: 41
Member since: Jul 2007
Discussion about
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Let’s say I spent: Maintenance -$17,846 Mortgage -$20,540 And my bank says I paid $12,668 in mortgage interest My co-op says my per share deductions are $15.21 interest $116.73 RE tax I have 94 shares. And say I’m in the 20% tax bracket (taking a break from working this year). So does that mean: Co-Op deductions: (15.21+116.73)*94 *.2 = worth $2480 in taxes Mortgage interest: $12,668 * .2 = $2534 in taxes (17846 + 20540 - 2480 - 2534) / 12 = $2781?