- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Purchased new commercial condo, but can't rent out due to a structural problem. Can I deduct condo fees/utility expenses even if the unit has not been put in service?
The unit sponsor is going to correct the problem, but it is dragging on and I have been paying maintenance fees, legal fees, utilities, and architect fees.
As I understand some of the purchase fees and the other build-out costs will be added to the cost basis when it is ready to rent, but I am uncertain about all the cost of simply maintaining it - electricity, heat, water, sewer - much of which is in the monthly condo maintenance fee.
This is a commercial condo and cannot be used residentially.
Topics:
‎June 4, 2019
12:22 PM