![]() Why issue share to the Co-opers if there is no value attached? I keep reading about mortgage amortization and would like further clarity over how that impacts the shares my brother owned in Rochdale. I cannot conceive of any development where shares accrue no value. Then they say from the remaining amount of his deposit, they will deduct any repairs to the apartment. To add insult to injury, they are withholding the one month vacancy rent, rent for September and October since his grandchildren reside out of state and the courts maintain they are the ones who have to petition for administrator of his estate. My brother owns shares however we were told that the shares do not accrue any value above what he paid as a deposit. When we went to sit down with management, we were informed that the deposit my brother put down in 1992 is all that can be expected to be gotten out of the apartment he lived in for 25 years. My brother passed away Augand he was a co-oper Rochdale Village Jamaica NY. ![]() Still hoping an accountant with Mitchel Lama coop experience will point me in the right direction. Thank you for any advice or at least pointing me in the right direction I am trying to avid the cost of a CPA and or lawyer as the total value of this coop is rather low. Is this correct? If not is there anything else to do. We would each have to then report this as a 1040 D loss on each of our 1040s up to a total of $3,000.00 (1500 each). ![]() Normally this would be a wash but IRS said I could increase the basis cost by the cost of 3/1/2 months carrying charges and floor scraping and then report the resulting loss on two 1041 K1s split between beneficiaries my sister and myself. They said the FMV of the apt would be the amount shown on the 1099. I called the estate tax unit of IRS twice. As her son and appointed voluntary small estate administrator with tax EIN I turned in the keys and received the reimbursement of amortization, capital assessment, equity less 3 1/2 months carrying shares and cost to refinish floors. My mother was a Mitchell-lama cooperator having lived there for 60 years.
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