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Get your taxes done using TurboTax
You are going to have to capitalize the assessment (depreciate over the recovery period) since (a) it is specifically set aside for improvements and (b) the assessment has not been spent during the tax year.
If the fee ($1,000) had been spent during the tax year on some sort of tangible personal property, then you might have been able to get away with deducting it as an expense, but not given these facts.
‎October 15, 2022
10:53 AM