Cooperatives and Condominiums

Co-op Capital Expenditures: Apartment Tax Basis Adjustments

, New York Law Journal

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In their Cooperatives and Condominiums column, Eva Talel and Richard Siegler write: One common mistake made by co-op apartment owners when they sell their apartments is not adjusting the apartment's tax basis to account for payments made by the owner to the co-op (typically, by a special assessment imposed by the corporation) which is used for capital improvements to the building. These adjustments can significantly reduce shareholders' tax bills in the event of a sale, especially for those who have owned their apartments for a long time.

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