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We have a condo in Hawaii. We pay HOA fees and also pay a Land Lease Fee. Is the Land Lease Fee deductible as rental property expense?
Yes, HOA fees and Land Lease Fees are deductible rental property expenses.
The IRS lets you deduct ordinary and necessary expenses required to manage, conserve, or maintain property that you rent to others. Unless you paid the HOA and land lease fees, the property would not be available for you to rent out.
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