Hi, we have a rental townhome and each owner received a special assessment to cover a shortfall for the common property insurance. Is this just shown as an insurance expense on Schedule E?
Thank you,
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It depends. If this is an additional "loss Assessment" rider that is extra coverage added to your existing condo insurance policy, then yes, this is a deductible insurance expense.
If it is a one time special assessment charge to cover a specific cost for damage and the HOA insurance had insufficient coverage (shortfall) to handle the full cost of the damage, then this is not deductible.
It would depends if this is a one-time fee or added coverage to your insurance policy.
It depends. If this is an additional "loss Assessment" rider that is extra coverage added to your existing condo insurance policy, then yes, this is a deductible insurance expense.
If it is a one time special assessment charge to cover a specific cost for damage and the HOA insurance had insufficient coverage (shortfall) to handle the full cost of the damage, then this is not deductible.
It would depends if this is a one-time fee or added coverage to your insurance policy.
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