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#6
03-29-2005, 11:49 PM
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 Re: Deducting condo assessments ? Bill wrote: - quote - > ksb1[at]cox-dot-net.no-spam.invalid wrote:
Careful here: Even putting on a new roof (over the old one)> > 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 ? > 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. is a REPAIR. The Tax Court case saying so (for a rental property) was in 2002. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
03-29-2005, 10:51 PM
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| Re: Deducting condo assessments ? "Bill" <an_ordinary_guy_158[at]hotmail.com> wrote: - quote - > Nope. You _may_ be able to add it to your cost basis, if
I've always understood that a complete roof replacement is a> the roof was upgraded as an "improvement" rather then a > maintenance repair. capital improvement whether it's an "upgrade" or not. See Publication 551. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
03-27-2005, 12:18 PM
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| Re: Deducting condo assessments ? kbrisson wrote: - quote - > I own a condo and we were recently hit with a $ 3,500 flat
If it's your personal residence and there was no casualty> assessment (on top of the usual condo fees) to replace the > roofs. Can this be deducted in any way ? that damaged the roof (like a wind storm), then you have no deduction. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
03-27-2005, 10:42 AM
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| Re: Deducting condo assessments ? "kbrisson" <ksb1[at]cox-dot-net.no-spam.invalid> wrote : - quote - > I own a condo and we were recently hit with a $ 3,500 flat
Assuming this isn't a rental, no. It does add to your basis> assessment (on top of the usual condo fees) to replace the > roofs. Can this be deducted in any way ? as a capital improvement. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
03-27-2005, 10:42 AM
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| Re: Deducting condo assessments ? No, it is a regular repair. If they assessed you to build a recreation center, then that would an improvement, which you add to the basis (effectively a deduction at sales time). << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-27-2005, 10:23 AM
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| Re: Deducting condo assessments ? ksb1[at]cox-dot-net.no-spam.invalid wrote: - quote - > I own a condo and we were recently hit with a
Nope. You _may_ be able to add it to your cost basis, if> $ 3,500 flat assessment (on top of the usual > condo fees) to replace the roofs. Can this be > deducted in any way ? the roof was upgraded as an "improvement" rather then a maintenance repair. Check with condo management for a clarification. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-27-2005, 10:23 AM
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| Re: Deducting condo assessments ? "kbrisson" <ksb1[at]cox-dot-net.no-spam.invalid> wrote - quote - > I own a condo and we were recently hit with a $ 3,500 flat
Not on your home, no.> assessment (on top of the usual condo fees) to replace the > roofs. Can this be deducted in any way ? -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-25-2005, 06:04 AM
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| Deducting condo assessments ? 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 ? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| assessments, condo, deducting |
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