Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question Can I deduct interest paid by my condo association on a commercial loan? I just received a letter from the condo's CPA. This letter states the total interest paid on a commercial loan for 2008 by the condo association where I own. Is this deductible? Thanks. The total amount is broken down into amount per unit. By m Posted on 02/15/09 Total Answers 1 Answers- Yes. Condominium associations often pay mortgages and real estate taxes on behalf of the owners in the building. Those per-unit costs need to be multiplied by the number of units you own and then treated as itemized deductions on your tax return (assuming you have enough to itemize). If you do not have enough to itemize, for 2008 you may add up to $1K in real estate tax to your standard deduction. Answer by : taxreff On Date 2009-02-15 17:10:41   Go Back To Search Results