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Investors & landlords
There appear to be two different answers in this thread. Depending upon the exact question, one or the other might be the correct answer.
If the condominium unit suffered damage due to a qualified disaster, then the decrease in fair market value of your property as a result of the casualty is deductible.
However, the original question posed was in respect to the large condominium association special assessment to repair condominium association owned common elements. In that case the answer is "no, but they may be added to cost basis" is correct.
Also, a condominium insurance policy, typically an HO-6, provides nominal coverage for Loss of Use.
March 4, 2025
4:08 PM