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
Tax Question - Capital Loss or Business Expense?
Moderator: Mark T Serbinski CA CPA
-
- Posts: 1
- Joined: Tue Nov 15, 2011 12:43 pm