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Deductions & credits
It depends. If this is an additional "loss Assessment" rider that is extra coverage added to your existing condo insurance policy, then yes, this is a deductible insurance expense.
If it is a one time special assessment charge to cover a specific cost for damage and the HOA insurance had insufficient coverage (shortfall) to handle the full cost of the damage, then this is not deductible.
It would depends if this is a one-time fee or added coverage to your insurance policy.
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March 15, 2024
3:17 PM
1,420 Views