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 https://dc.urbanturf.com/articles/blog/homeowners_may_see_a_tax_break_on_hoa_fees/11220.
Most Popular... This Week • Last 30 Days • Ever
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
Plans for a large new residential project above the Ellsworth Place mall in the middl... read »
A year ago, UrbanTurf reported on plans for a grocery store that was looking to open ... read »
If you make your way through downtown Bethesda, it seems like there is a new project ... read »
With news this week that the Lerner family will not be selling DC's baseball team, it... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro