I own a condo and we were recently hit with a $ 3,500 flat assessment (on top of the usual condo fees) to replace the roofs. Can this be deducted in any way ?
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Deducting condo assessments ?
Mar 25, 2005
3 Replies
Nope. You _may_ be able to add it to your cost basis, if the roof was upgraded as an "improvement" rather then a maintenance repair. Check with condo management for a clarification. Bill
I've always understood that a complete roof replacement is a capital improvement whether it's an "upgrade" or not. See Publication 551.
-- Phil Marti Clarksburg, MD
Careful here: Even putting on a new roof (over the old one) is a REPAIR. The Tax Court case saying so (for a rental property) was in 2002.
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