# possible tax deductions on special assessments?



## forth (May 19, 2010)

I've rented a condo for 9 years. Recently we've been informed that the roof needs replacing/repairing. Approximate cost per unit for the special assessment 20k. Is there a portion of this that can be written off against taxes, and what, if any, are the risks involved?

I am also planning to sell after the repairs are completed.

thanks


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## Berubeland (Sep 6, 2009)

forth said:


> I've rented a condo for 9 years. Recently we've been informed that the roof needs replacing/repairing. Approximate cost per unit for the special assessment 20k. Is there a portion of this that can be written off against taxes, and what, if any, are the risks involved?
> 
> I am also planning to sell after the repairs are completed.
> 
> thanks


You and everyone else will be trying to sell after the repairs are done. You will take a major hit on the selling price. Better to wait a while. 

20K sounds extremely high for a special assessment for a roof. How many units are there in your building? I highly recommend you insist on more quotes and get involved in the management of the building.

This why I hate condos.


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