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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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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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2 Comments 2
JOFI
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.
thumperness26
Level 1
07-28-2024
01:35 PM
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Are there concrete facts based on how the increase hike of special assessments should be treated? I agree with the responder to this answer, but not aware of what this expense should truly be entered into the tax as?
