In this economic climate tax authorities need to raise revenues too and with these increasing tax rates we expect the question of tax deduction for payments from unit owners to take on even greater significance.
In addition to the usual real estate tax and mortgage interest deductions that are available, there are other tax benefits that are not based on deductions but rather provide dollar for dollar tax credits for specific projects that the property undertakes. This type of benefit can go a long way toward rewarding unit owners and reducing the painful costs associated with necessary projects.
Generally, your property’s necessary funding comes from the unit owners and too often we have heard the complaint “I have no idea what I am getting for all this extra money I have to pay.” From our experience we have seen how the response to requests for additional funds for major capital improvements is received more favorably when the request highlights the additional tax benefits to the unit owners.
When you partner with Czarnowski & Beer we will assure that all the available tax benefits are maximized as part of your property’s regular operations.