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

20 units available...expand listings


Two Bedroom:
None available at this time

Grand One Bedroom:
None available at this time

Large One Bedrooms:
4th Floor, 11th Floor, 19th Floor, and 20th Floor

One Bedrooms:
5th Floor

Grand Studio:
9th Floor and 21st Floor

Large Studios:
16th Floor 

Studio:
None available at this time

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

Now Available for Rent

16 units available...expand listings

 
Two Bedroom

None available at this time

Grand Bedroom

None available at this time

Large One Bedroom

4th Floor, 6th Floor, 9th Floor,17th Floor, 21st Floor, and 23rd Floor

One Bedroom 

3rd Floor, 6th Floor, 9th Floor, 22nd Floor, and 23rd Floor

Grand Studio

None avaiilable at thus time

Large Studio Floor

13th Floor

Studio

5th Floor, 12th Floor, and 17th Floor

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