Tax Question - Capital Loss or Business Expense?

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JPinRegina
Posts: 1
Joined: Tue Nov 15, 2011 12:43 pm

Tax Question - Capital Loss or Business Expense?

Post by JPinRegina »

I hope someone can help me understand and clarify things for me. I have a Condo which is currently rented out. The condo board has recently requested every owner to pay special assessment of $8000 in two years time period. First Installment is due this year prior to December for about $5000.

Can anyone please help me understand if this cost can be counted as business expense or capital loss?

If this is a business expense, then my understanding is that I should be able to deduct it from the rental income.

If it is not a business expense, I am not sure how to take any tax reduction on my loss?

Many thanks for your help in advance.
Jignesh
nelsona
Posts: 18680
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

This is not a cross-border taxation question. Please ask on another site.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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