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  • 1.  Capital Assessment on A Condo

    Gold Most Valuable Member
    Posted 03-18-2014 11:15 AM

    I have a client that owns a Condo that she rents.

    She received a capital assessment for building improvements and repairs of $81,000, payable over 3 years.

    Am I correct that this is capital improvement, added to basis, and depreciated.

    Thank you
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    Jenny Emexezidis
    ABLE INCOME TAX
    Long Island City NY
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  • 2.  RE:Capital Assessment on A Condo

    Gold Most Valuable Member
    Posted 03-18-2014 03:47 PM
    Capital assessments increase her basis in the condo.  they are generally used to fund major repairs.  It does not increase her basis for depreciation.

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    Stuart Lang BA
    STUART G. LANG, CPA PC
    Baldwin NY

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