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Are HOA fees tax deductible?
I’m buying my first house—actually, it’s a townhouse—in a great community that’s well maintained. My friend and I were talking about the tax advantages of taking out a mortgage. But are HOA fees also tax deductible?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on being a new townhouse owner! If the townhouse is your primary residence, your HOA fees are not tax deductible—with one exception. If you’re planning to set up a home office and use the space solely for business purposes, you may be able to deduct a portion of the fee.
For instance, if your workspace takes up 5% of the total space in your townhome, you can deduct 5% of your HOA fee. But remember: this office space must be your primary place of business.
There’s some more good news about the tax deductibility of HOA fees. If in a few years from now you move and decide to rent out the property, the IRS will let you deduct the HOA fee as a rental expense.
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