abenso3
Returning Member

Large HOA special assessment for several projects

Hi-

I've been renting out a condo that I initially bought as my primary residence. Has been rented for 10 yrs.

During 2019, we had large special assessment (almost 16k per owner) which covered roofing replacement, plumbing repairs, stairwell renovation, basement renovation, and masonry. Unit owners had option of paying lump sum without interest, or spreading out over time, with interest. I elected the lump sum payment. Not sure if this should be counted as a one time HOA fee, or whether this is an improvement which then needs to be depreciated over time- and to potentially make matters more complicated, only part of the repairs (the roof) happened in 2019. The rest are being completed in 2020.

Thanks for any help!