I have a unit in a 40 year old apartment. There is a special assessment given by the property management to all owners to do a major building repair: skylight replacement, replacement of weather resistant barrier, removal and replacement of siding, air conditioner ports, deck soffits, all windows throughout the building, deck doors, waterproof coating on elevated decks, deck railings, fireplaces, front door replacement, and entry concrete/stair repair, etc.
The cost is quite high (about 10% of the property value and about 3 times the yearly rental income).
Should this be Expense? (to be fully deducted this year)
Or should this be an Assets/Depreciations? (If so, is this "category H - Land improvement" which depreciates over 15 years or "category I - Real Estate Property" which depreciates over 27.5 years in Turbo Tax)
