HOA Siding Replacement

Forum|Forum|1 year ago
January 6, 2025
1 reply
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Hello,

My HOA just advised me of an increase of the monthly fee. They also advised us that the siding needs to be replaced in 5 years. Starting this year the HOA will be increased per month and on top of that the additional amount for the siding replacement. Making the new HOA over a $200 dollar increase per month. They said we can pay the siding replacement monthly with our HOA fee or pay at the end of the year for the siding replacement. My question is, if I decide to pay at the end of the year for the siding replacement is this a taxable deductible? What form do I need from my HOA at the end of the year to submit with my taxes?

Thank you!

Best answer by DoninGA

Your cost to get the siding replaced on your personal residence is not reported on a tax return. You add the cost to the basis of the home when it is sold.

DoninGAAnswer

Employee

Your cost to get the siding replaced on your personal residence is not reported on a tax return. You add the cost to the basis of the home when it is sold.