It depends on whether or not you live in the condo or if it is used as a rental or partially rented property.
Per advice from @AnnetteB6 If your condo is your primary residence and not a rental property, then the amount you had to pay for the special assessment is not deductible on your tax return. Keep the information for your records and add it to the basis of your property when or if you sell it in the future.
If you are renting the condo or renting a portion of the condo, then you would depreciate the assessment as an improvement to the property over 27.5 years, adjusted by the percent of business usage.
Please leverage the information provided by Opus 17 and also the link provided below if this condo is rented.
Rental Property Depreciation
@bdickie87101
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
