How do you handle a special assessment for rental property that was paid the same year the property was sold?
The special assessment was paid in monthly installments from January-July in 2018. The final installment was paid on July 22 and the rental property was sold on July 27. The total amount was $630. You cannot depreciate anything that's been held for less than one year, so can you claim it as an expense?
Thank you.
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1 Best answer
Anita01
New Member
Jun 3, 2019 4:20:44 PM
Yes, you can expense it. If it was assessed as part of property tax, enter it under tax, if it was for payments tot the HOA, enter it under HOA fees or payments, along with regular HOA fees.
1 Replies
Anita01
New Member
Jun 3, 2019 4:20:44 PM
Yes, you can expense it. If it was assessed as part of property tax, enter it under tax, if it was for payments tot the HOA, enter it under HOA fees or payments, along with regular HOA fees.