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previous page Previous Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Illustrated Example
next page Next Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Cooperatives
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taxmap/pubs/p527-011.htm#en_us_publink100027395

Chapter 4
Special Situations(p16)

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This chapter discusses some rental real estate activities that are subject to additional rules.
taxmap/pubs/p527-011.htm#en_us_publink100027396

Condominiums(p16)


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previous topic occurrence Condominiums and Cooperatives next topic occurrence

A condominium is most often a dwelling unit in a multi-unit building, but can also take other forms, such as a townhouse or garden apartment.
If you own a condominium, you also own a share of the common elements, such as land, lobbies, elevators, and service areas. You and the other condominium owners may pay dues or assessments to a special corporation that is organized to take care of the common elements.
Special rules apply if you rent your condominium to others. You can deduct as rental expenses all the expenses discussed in chapters 1 and 2. In addition, you can deduct any dues or assessments paid for maintenance of the common elements.
You cannot deduct special assessments you pay to a condominium management corporation for improvements. However, you may be able to recover your share of the cost of any improvement by taking depreciation.
previous pagePrevious Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Illustrated Example
next pageNext Page: Publication 527 - Residential Rental Property (Including Rental of Vacation Homes) - Cooperatives
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication