Why Invest in a Tower Plaza Condo?

Tax Advantages

The tax effects of purchasing a Tower Plaza Condominium can vary considerably, depending upon the actual use of the property:

  • The property may be purchased for the taxpayer’s own use as an owner-occupied residence.
  • The property may be purchased as a vacation home or second residence for the owner or their family. The second home may be for personal use only, or it may be used for part of the year as a rental property subject to these conditions:
    1. Personal use is limited to 14 days per year or 10% of the total number of days the home is rented at fair-market rental rates. 
    2. If the second home is for both personal and rental use (over 14 days or 10%), the taxpayer must divide all expenses on the basis of the proportion of owner use days to rental days against the total combined days uses.
    3. The property may be purchased as a rental property, to be rented in an arms-length transaction at a fair-market rental rate. (It is normally felt that rental to a family member qualifies if the rental is based upon an arms-length transaction.)

Summary: Tax Deductibility of Costs

  Owner-Occupied Residence Vacation Home or Second Residence Rental Property
Property Taxes Deductible Deductible Deductible
Interest Deductible Deductible Deductible
Condominium Maintenance Fee Not Deductible Not Deductible Deductible
Improvements Add to Basis Add to Basis Depreciate
Repairs Not Deductible Not Deductible Deductible

Note: This information is intended as a simple guide to the potential tax advantages from ownership of a Tower Plaza Condominium. The information is subject to periodic review and revision, and is not guaranteed to be accurate at this or any time. To learn more about how these tax advantages may apply to you, please consult with your accountant or attorney.


Now Available to Buy

10 units available...expand listings


Two Bedroom
None available at this time

Grand One Bedroom:
None available at this time

Large One Bedrooms:
5th Floor, 13th Floor, and 20th Floor

One Bedrooms:
4th Floor and 23rd Floor

Grand Studio:
None available at this time

Large Studios:
2nd Floor, 3rd Floor and 5th Floor 

Studio:
22nd Floor  

Full descriptions, price, pictures of available units. See details »

Now Available for Rent

17 units available...expand listings

Two Bedroom

None available at this time

Grand Bedroom

21st Floor

Large One Bedroom

2nd Floor, 3rd Floor, 5th Floor, 6th Floor, 11the Floor, and 23 Floor

One Bedroom 

17th Floor, 18th Floor, 19th Floor, 22nd Floor, 25th Floor, and 26th Floor

Grand Studio

None available at this time

Large Studio Floor

None available at this time

Studio

19th Floor

Full descriptions, price, pictures of available units. See details »