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Deductions & credits
If the assessment is specifically for capital improvements, rather than regular maintenance, the amount can be added to your cost basis when you sell your condo, which could reduce your taxable gain. from your list, only the road improvements might qualify if they're not for maintenance. however, if these are part of your real estate taxes, that yo deducted, there is no basis adjustment because you already wrote them off.
March 29, 2024
12:00 PM