Home | Newsletter | Advertise

Will a New Bill Make Condo Fees Tax Deductible?

  • May 12th 2016

by Nena Perry-Brown

✉️ Want to forward this article? Click here.

Will a New Bill Make Condo Fees Tax Deductible?: Figure 1

In early March, Representative Anna Eshoo (D-CA) introduced a bipartisan bill in the House of Representatives meant to amend the Internal Revenue Code to allow a tax deduction for homeowners association (HOA) payments.

If enacted, individual taxpayers who earn less than $100,000 annually will be able to deduct the total annual value of HOA payments, up to a maximum of $5,000. The modified gross income limit would be $150,000 for joint filers.

The new law only applies to obligatory regular payments made on a primary residence. The bill would require condo/co-op boards to make annual tax reports of the dues they receive from each member and provide members with those statements.

The House Committee on Ways and Means is currently considering H.R. 4696, known as the HOME (Helping Our Middle-Income Earners) Act.

See other articles related to: hoa, homeowner's association, irs, tax assessments, taxes

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/homeowners_may_see_a_tax_break_on_hoa_fees/11220.

Pipeline: New Condos & Apartments Coming to the DC Area

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse