Sale of vacation home

[murphres]

Can I deduct special assessments for hurricane damages to owners in my condo association when I compute my profit in selling my condo this year? I owned it over 30 years and we had several such assessments.

[NateTheGrEAt]

Hi @murphres - sorry to hear about that hurricane damage! Thanks for your question today.

The special assessments do not get deducted, but they can be added to your basis which achieves basically a similar outcome (reducing your gain on sale). This is true of all the assessments since you purchased the property. Your basis would be your original purchase price, plus improvements and any special assessments since you bought it. 

I hope this information is helpful!