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If I pay the assessment due on my condo, when I sell, can the cost be added to my basis for tax purposes?

Ed
Both Buyer and Seller
Ridgecrest, CA

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?

Sun Aug 24 2008, 22:18 - Home Selling in 93546 - 1 answer

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Answers (1)

First to answer: Keith Sorem

Keith Sorem
Agent
Glendale, CA

FIRST ANSWER

Ed
I suggest contacting your CPA for the best answer.
Based on your post it would seem to me that as long as you have proof that you paid the assessment that would be applicable, plus I think it would make your unit more marketable.

Mon Aug 25 2008, 05:56

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