Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 24, 2024 2:57:59 PM

Special Assessment for Rental Question

I was charged a special assessment for my rental and forgot to add it to my taxes. It was 10k dollars. Would it be worth it to amend my taxes for?

 

 

0 1 4114
1 Best answer
Expert Alumni
Apr 24, 2024 3:03:05 PM

It depends on whether your rental property has a profit or a loss as to whether it will affect your return if you amend.  However, if the assessment was done in 2023 and you intend to claim it, you do need to amend your return.  If your property has an overall passive loss that is being carried over, then the carryover amount will be affected by including the assessment amount.  You cannot wait until next year to include the assessment if it occurred in 2023.

1 Replies
Expert Alumni
Apr 24, 2024 3:03:05 PM

It depends on whether your rental property has a profit or a loss as to whether it will affect your return if you amend.  However, if the assessment was done in 2023 and you intend to claim it, you do need to amend your return.  If your property has an overall passive loss that is being carried over, then the carryover amount will be affected by including the assessment amount.  You cannot wait until next year to include the assessment if it occurred in 2023.