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August 25, 2024
Question

Thinking of selling our rental property and owe assessment. Can we write off the assessment as part of the sale?

  • August 25, 2024
  • 2 replies
  • 0 views
How will the assessment impact our taxes?

2 replies

M-MTax
August 26, 2024

Add it to your basis

August 28, 2024

@csigarta so by adding to your cost basis, it will reduce the gain, so in a way, it is indeed a 'write-off'.