topic Is HOA special assessment deductible in Deductions & credits

Is HOA special assessment deductible

Teeta — Sun, 23 Feb 2025 21:31:15 GMT

Our HOA purchased a golf course and assessed each home owner 12,000 to pay for the loan the HOA took out to pay for the property. Is this tax deductible for the homeowner?

Re: Is HOA special assessment deductible

xmasbaby0 — Sun, 23 Feb 2025 21:33:25 GMT

No. HOA dues or assessments are not deductible for your own home.

Re: Is HOA special assessment deductible

MinhT1 — Sun, 23 Feb 2025 21:34:40 GMT

No.

You cannot take a tax deduction for this HOA special assessment.

The golf course is supposed to add value to your property and the assessment can be added to the cost basis of your property.

Re: Is HOA special assessment deductible

Teeta — Sun, 23 Feb 2025 21:36:44 GMT

even though it a loan?

Re: Is HOA special assessment deductible

MindyB — Sun, 23 Feb 2025 21:40:05 GMT

No, this is not deductible. It doesn't sound like it's a loan, it sounds like a fee the HOA will be paying their loan off with. Either way, it is not deductible.