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Can you write off HOA fees?
I live in a condo and my HOA fees are more than $300 a month. I was hoping that this fee was tax-deductible, but I’m not sure. Can you write off HOA fees?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Taxes can be complicated, so let’s clear this up for you. Most of the time you cannot write off HOA fees, but there are some exceptions.
If you rent your property, for instance, you can deduct 100% of your HOA fees as a rental expense. If you only rent your property for part of the year, you’d have to calculate the fees equal to the time the property was rented and deduct them accordingly.
Aside from that, here are some other situations that allow you to deduct a portion of your HOA fees:
- You rent out a part of your property, but use the rest as your primary residence.
- You are self-employed and work from a dedicated home office.
If you fit into any of the above criteria and still aren’t sure how much to deduct, it’s best to consult a tax professional for official guidance. Even if you can’t write off your HOA fees, you can ask them to reevaluate services and negotiate rates to lower fees for everyone.
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https://getjerry.com/advice/what-does-an-hoa-insurance-policy-cover-by-elan-mcafee
)View full answer
- Gregory R.
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