Cohousing-L Mailing List: tax question

[Philip W. Bush (Philip.W.Bush]

At Cobb Hill in Vermont we're working on setting up our final legal structure. 
One option under consideration is a land coop holding all the land and common
buildings.  Individuals member households would own their own homes and lease
the land under them.


Does anyone have experience with that mix of individual ownership of homes with
coop ownership of common property?  If so, a specific question:  when an
incoming member sells their existing home to buy in, will the full cost of the
new home PLUS the cost of the coop share count, for income tax purposes, in the
calculation of capital gains?  Also any other thoughts on that legal structure
are welcome.


Phil Bush

Cobb Hill

www.coopsports.com/cobbhill