Hello!
In 2023 I had a $40,000 HOA special assessment I had to pay on a rental property.
I believe I would have to depreciate this over 27.5 years and cannot count it as an expenses for 2023 but I wanted to confirm this is correct.
To add on to this question, I also replaced an HVAC system in a rental property in 2023 at a cost of $8,000. I believe this would be the same scenario in that I would have to depreciate it vs expense it but wanted to confirm this is correct as well
Thank you!
