wrote:@Bob5600
Assessment $29K
$ 11K repair cracking balcony & stucco exterior
$ 11K repair replace leaking cast iron plumbing
$. 7K repair garage
how is this applied to rental income $ 12K
Maintenance / electric/ insurance $14317
1) Have you actually paid the full $29k? Or did it come from an condo escrow account (that you already paid into)?
2) If they truly "repairs", then it could be deductible as a repair. However, those amount seem rather high for merely a "repair", so you may need to find out more information to see what was done to determine if it actually is an improvement, which may need to be depreciated.
3) Is this a for-profit rental? Is it rented at Fair Market Value? If Maintenance / electric/ insurance (not including mortgage interest, real estate tax, other utilities or depreciation) is more than your income, that makes it seem rather questionable if it is a for-profit rental, unless there were some circumstances that resulted in your income being unusually low this year.
