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Original Message:
Re: Manhattan Club Lawsuit (by Dks):
Hi Nathan, I am well aware and understanding of the fact that I can deduct the NY real estate taxes and I do so on advice of paid certified public accountants. I inherited the time share, it is for pleasure, so I don't deduct interest or maintenances fees.
I hope we find out soon, as owners will be being billed maintenance fees all during the year depending on when they settled...what those fees will be and if and when they will be reduced. It seems since the investigation and settlement were about this issue as well as the fraud, TMC will need to reduce the current rates. Especially since it was established by the investigation that the fees from 2011-2014 were higher due to non payment by other owners (no judgement intended...we all did what we needed do).
nathanz2 wrote:Hi Deborah, Taxes that you pay are deductible, just like auto excise taxes, or state income taxes (unless the rules change...) But interest and maintenance fees are never deductible for people who bought for personal use and not deductible for business use unless it was structured properly. I can’t say it any more clearly than that.You are absolutely correct as far as the final resolution of this mess goes. As I said a while back, we are just entering phase 2. Its a complex situation that needs to be unwound. I hope for the best, but don’t realistically expect anything to happen soon.