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How do I enter a large special assessment on a vacation home/ short term rental that was unable to be used for an entire tax year due to damage.
I purchased a condo in 2021 and was to rent it in 2023. Due to Hurricane Ian, damage was found and I was unable to rent it for the entire 2023 tax year. During this time I paid over $60,000 in special assessments as the damage to the building was not covered by insurance.
Am I able to deduct this loss and if so, how do I go about doing it?
Thank you!
‎February 26, 2024
11:44 AM