Legal Question in Real Estate Law in California
As a 1/90th owner/shareholder in a HOA are "interest and real estate tax" income tax deductions for the Shareholder's apportioned amount attributable to the interest and real estate taxes paid by the corp. for the master loan on the property, and to the Tax Collector's office for the land, bldg, and common areas of the corporation? Thank you!
1 Answer from Attorneys
Instinctively, I feel that the answer is "no" because the HOA is unlikely to be a "pass through" entity wherein its shareholders, not the HOA itself, gets the benefit of the deductions. Among other things, my (limited) research doesn't show that HOAs themselves are, per se, pass-through entities, nor would any corporation with 90 shareholders be allowed to pass through such expenses as interest and property taxes. However, there is a significant possibility that I am wrong. Therefore, I strongly suggest you ask a tax preparer, or whomever does the accounting for the HOA, or both, for their opinion.
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