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    condo rental assessment

    I have a hefty $10,000 assessment expense on a rental property. I don't see why I wouldn't expense it all at once, after all it was due all at once. If it was $500, there wouldn't be a question.

    Any reason not to take it?
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

    #2
    Assesment for what? To me that sounds like an expense that must be capitalized, just like you capitalize taxes that are assesments to increase the value of the property (e.g., sewer lines, sidewalks, etc.).
    Michael

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      #3
      I do not know

      I don't know what it was for. I will find out.
      "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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        #4
        Sometimes there are additional condo assessments - when there is not enouvh $$ in Reserve, for Roof Replacement, Exterior Paint, other maintenance or improvements that the Condo Association is responsible for.

        Would more than likely be capitalized

        Sandy

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          #5
          Facelifting

          The condo fee is for general facelifting including doors, windows, roofs and decks and paint.

          I believe it's all lumped together for 27.5 yrs.
          "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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