"Phil Marti" <philmarti[at]aol.com> wrote:
- quote -

Got it, thanks!

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"Chuck" <chucknospam[at]earthlink.net> writes:

- quote -

It doesn't matter if the tooth fairy put the funds there,
it's the association's money, not the individual owners'.
You have no claim on any of it, and you won't receive any
cash from the association when you sell.

Part of your fully-deductible monthly assessment goes to
reserves for major items, e.g. roof, elevators, etc. When
money is paid out of those reserves you don't get to deduct
the payment again.

If there was a special assessment go back and re-read what
was written about repairs vs. capital expenditures.

Phil Marti
Topeka, KS

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"Benjamin Yazersky CPA" <BYaz55DoNotHitReply[at]netscape.net> wrote:
- quote -

Thanks Benjamin - but please note Phil's comment above.
Also, when you state: "Did you actually pay a special
assessment for it? or was it paid out of the condo's funds?
If the latter, than you have no deduction or capital
improvement, simply because you personally didn't pay for
anything."

How can that be that I didn't pay for anything? The "condo's
funds" are monies me and the 9 other owners have put there.

Thanks,
Chuck

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chucknospam[at]earthlink.net posted:

- quote -

"Fix"? If it was a repair of damage, it could be deduced as
part of annual expense. If it was a roof replacement (or a
major part thereof), then it should be capitalized and
depreciated.

- quote -

Normally deductible.

Bill

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"Chuck" <chucknospam[at]earthlink.net> wrote:

- quote -

There is an issue as to whether the roof job is a repair or
a capital improvement. I'm not going into that here. Did you
actually pay a special assessment for it? or was it paid out
of the condo's funds? If the latter, than you have no
deduction or capital improvement, simply because you
personally didn't pay for anything.

- quote -

should be deductible

--
<<< Benjamin Yazersky CPA [NJ & NY] > >
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"Chuck" <chucknospam[at]earthlink.net> writes:

- quote -

Everything you're talking about should be covered by your
monthly condo assessment, which is fully deductible on a
rental.

Phil Marti
Topeka, KS

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I have a condo that I lease out. The building has ten units,
and we did some major repairs to the building this past
summer (2003). We spent about $20K to fix the roof. Can I,
as part owner, deduct any of the money we spent on repairs
to our building?

What about deducting fees we pay to a property management
company?

Thanks,

Chuck D.

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