If I pay the assessment due on my condo, when I sell, can the cost be added to my basis for tax purposes?
The condo owners assn. voted in a large assessment, due over the next five years, to replace and upgrade all decks and stairways to improve the property, upgrade to new building code requirements, and fix existing safety issues. If I pay the assessment in full when I sell, can I add the amount to my basis for purposes of determining my profits on the sale?
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Answered Sun Aug 24 2008, 22:18 by Keith Sorem in 93546
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