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 ?
>
>
>
- posted
19 years ago
Deducting condo assessments ?
Loading thread data ...
- Vote on answer
- posted
19 years ago
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
- Vote on answer
- posted
19 years ago
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
- Vote on answer
- posted
19 years ago
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.