Cooperative

associations manage the property collectively as

do condominium associations. Each unit owner

holds voting rights or a share in the

association. But condo associations do not

typically approve new purchasers who want to buy

into the building. Condo owners also own their

individual units and leave the building's

"common areas" in the control of the

association.

Decisions are made

association's board of directors, depending on

the bylaws, on matters including financial

management, rules of occupancy, building

maintenance, and so on.

Apart from that,

there are a few differences from a tax

perspective. Cooperative residents get to deduct

their proportionate share of the interest on the

loan for the entire cooperative. Plus they can

deduct interest they pay on their own loan. And

they can deduct their proportionate share of real

estate taxes, under most scenarios.

For information, go

to https://www.ahahome.com , the web site for American

Homeowners Association.

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