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When you buy a co-op, "Co-Op and Condo Monthly" says, it's like investing in the stock market: You purchase shares in a corporation that owns a building, and with those shares comes the right to lease one of the apartments. The maintenance fee you pay every month includes not only maintenance but the co-op's mortgage interest payment and real estate taxes. As with other forms of real-estate, co-op residents can deduct those payments from their taxes. With a co-op, however, the exact deduction depends on the number of shares you own in the building.
April 15 is the last date for Americans to file their taxes for the previous year. The goal when filing a tax return is to take as many deductions that the government will allow, ultimately reducing your taxable income as low as possible. The lower your taxable income the lower tax bracket you will be in, thus resulting in less taxes you have to pay. A tax deduction to take if you are a home owner is the property tax deduction.
Donations to Goodwill and other charities are tax-deductible. To deduct charitable donations to Goodwill, you must itemize the deductions that you take on your income taxes. It is best to consult with a tax professional to evaluate whether this is worth doing, and many tax professionals advise that you itemize every other year because of the additional work involved in calculating each deduction.
