Am I understanding correctly that the unadjusted basis of my condo that I am renting out, is the rent collected for the year/lease period? Also in determining cost of all repairs, maintenance and improvements, do Homeowners Dues count as part of this (under maintenance)?
Original basis (unadjusted basis) is simply what you paid for the building (not the land).
Adjustments are then made to the original basis for improvements, depreciation, etc.
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Homeowner Dues:
I list them under Management Fees as the dues I pay, while some are for repairs, maintenance, trash, water, they managing the place and collect the dues each month.
They can be listed a number of areas, however be consistent and list them under same area, year to year, and this will help you compare years to each other so nothing is overlooked.
Original basis (unadjusted basis) is simply what you paid for the building (not the land).
Adjustments are then made to the original basis for improvements, depreciation, etc.
------
Homeowner Dues:
I list them under Management Fees as the dues I pay, while some are for repairs, maintenance, trash, water, they managing the place and collect the dues each month.
They can be listed a number of areas, however be consistent and list them under same area, year to year, and this will help you compare years to each other so nothing is overlooked.