Customer: I own a commercial condo, and the assn. is looking to do one of two things: 1) have a one time special assessment
for a large capital project, or 2) try to get a loan, and then increase dues to cover the expenses. I rent my condo units to others, and thus can deduct condo dues. Can I deduct all of a special assessment at once, or would it need to be capitalized, and can I deduct the full amount of dues on my commercial condo rentals?
JA: Thanks. Can you give me any more details about your issue?
Customer: Not really, the amount of improvements to be done to repair the exterior and renovate the building equals about 400K., I own 40 percent of the building
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax
Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: yes, but I need to go have some dinner here in about 10 minutes.
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Customer: But I can revisit the issue later