Can a special assessment be claimed against my rental income? If so, where is it applied? Can unclaimed portions be applied over future tax years?
I was assessed ~40k this year for roof repairs on our condo unit. On average I claim approximately 6K per year as revenue after expenses and property taxes. Using 6K as the example and provided that I am able to claim the special assessment, there would be 34K in the assessment that would be unclaimed. Can I apply the remaining balance against future tax years?
Can a special assessment be claimed against my rental income? If so, where is it applied? Can unclaimed portions be applied over future tax years?
You can claim the full amount that you paid for the assessment in the tax year. It will carry forward as a non-capital loss that you can apply against future taxes. You will likely be required to show receipts for an amount that large.
v
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Sign In
