Can a condominium’s monthly fee be deductible?

Q: Can a condominium’s monthly fee be deductible? --Ian, Northboro

The following answer was provided by Mark Misselbeck, Levine Katz Nannis & Solomon PC, Needham.

A: Sorry, but condo fees cover the operating expenses of the property. Just as there is no deduction for expenses for a personal residence, other than mortgage interest and taxes, there is no deduction for your condo fees.

Should you have to pay a "Special Assessment" that is dedicated to a permanent improvement - such as a swimming pool, paving of parking lots, a new roof or other addition - you should keep track of that amount and add it to the cost of your property.

The following answer was provided by James Castro, CPA, Castro Thresher & Oliveira PC, Attleboro.

A: If the condominium is rental property reported on Schedule E, then the fees would be deductible expenses to offset rental income. If the Condo is your residence, the prior response addresses that.