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Level 2
June 1, 2019
Question

Is a parking space purchased for my home considered a capital improvement? I live in a condo and the parking space is in the basement of the building in manhattan.

  • June 1, 2019
  • 1 reply
  • 12 views

The parking space is in my condo building and is accessed by the condo building. It significantly increases the value of my residence.

1 reply

Level 8
June 1, 2019

Yes, that would become part of your overall cost basis in the condo. I have the same scenario with my condo in Denver.