Assessment Paid for Condominium Repairs
In February 1999, I (and other building unit owners) was required to pay a $14,000 assessment that was used for repairs to the outside structure of my condominium building. Can the $14,000 be deducted from my Income Taxes?
Asked on 7/11/99, 7:27 pm
1 Answer from Attorneys
MYRON LEWIS
MYRON LEWIS
Re: Assessment Paid for Condominium Repairs
No, if it's your personal residence. BUying a home, or adding capital improvements to it, is not tax deductible. If it's a rental income property, you'll be able to deduct a portion of it...
Answered on 7/15/99, 1:26 pm
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