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I've rented a condo for 9 years. Recently we've been informed that the roof needs replacing/repairing. Approximate cost per unit for the special assessment 20k. Is there a portion of this that can be written off against taxes, and what, if any, are the risks involved?

I am also planning to sell after the repairs are completed.

thanks
 

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I've rented a condo for 9 years. Recently we've been informed that the roof needs replacing/repairing. Approximate cost per unit for the special assessment 20k. Is there a portion of this that can be written off against taxes, and what, if any, are the risks involved?

I am also planning to sell after the repairs are completed.

thanks
You and everyone else will be trying to sell after the repairs are done. You will take a major hit on the selling price. Better to wait a while.

20K sounds extremely high for a special assessment for a roof. How many units are there in your building? I highly recommend you insist on more quotes and get involved in the management of the building.

This why I hate condos.
 
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