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special assessments
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tcerny51
Level 3
03-23-2022
04:50 PM
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Client is being assessed a special assessment on her condo of around $20,000. The condo is a rental unit. Can the client deduct the special assessment in current year or does it get added to the basis of the unit?
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jofijohnjoseph
Level 7
03-23-2022
05:19 PM
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My guess: it is related to a long-term improvement that will enhance the permanent value of the property, and hence you should capitalize and depreciate. It would be a stretch to deduct as a current year expense, would be a red flag for IRS audits, and if the rental losses are suspended, probably doesn't make much difference anyway.
