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