Rental condo -assessment $29K

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 wrote:@Bob5600

Assessment $29K

 

$ 11K repair cracking balcony &  stucco exterior 

$  11K repair replace leaking cast iron plumbing 

$. 7K repair garage 

 

how is this applied to rental income $ 12K

Maintenance / electric/ insurance $14317 

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1) Have you actually paid the full $29k?  Or did it come from an condo escrow account (that you already paid into)?

2) If they truly "repairs", then it could be deductible as a repair.  However, those amount seem rather high for merely a "repair", so you may need to find out more information to see what was done to determine if it actually is an improvement, which may need to be depreciated.

3) Is this a for-profit rental?  Is it rented at Fair Market Value?  If Maintenance / electric/ insurance (not including mortgage interest, real estate tax, other utilities or depreciation) is more than your income, that makes it seem rather questionable if it is a for-profit rental, unless there were some circumstances that resulted in your income being unusually low this year.