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Investors and rental owners
Special assessments of capital expenses should be claimed on the year they are paid. The roof repair cost is a capital expenditure that should be added to the building's depreciable value (class 1). Check these links on special assessment and tax treatment:
https://pocketsense.com/special-assessments-condo-ownership-25723.html
http://www.ourbigfatwallet.com/how-condo-special-assessments-are-treated-for-taxes/
Thank you
Heba
ā€ˇFebruary 28, 2021
8:47 AM