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Can I expense rental condo special assessment?
I own a condo that I rent. I paid $4500 for a special assessment to improve the drainage properties of the crawl spaces. The board determined the work done was a capital improvement with a 30 year life. Can I expense this rather than depreciate? If I depreciate, what method should I use? Any new laws that allow for quick depreciation? This is the only property I own. Thought I saw something that allowed me to expense this if the amount was less than 6% of the value of the property.
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‎June 4, 2019
11:58 AM