AboutMike Wellman Expertise I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size. I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All others will be referred to the question pool.
Experience Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications New York Times, Wall Street Journal, You Money Magazine
Education/Credentials BBA, Baylor University.
Awards and Honors My website http://www.IRSOS.com won the Knowledgeweb award for educational excellence for content.
Expert: Mike Wellman Date: 10/22/2007 Subject: Tax Deductions (Assessments)
Question Hey Mike,
I was wondering if Homeowners' Association dues or special assessments paid for my principal property (the one I live in) are deductible for federal or state tax purposes. What about if I rent out the property?
Sean
Answer Home owner's association dues are not deductible on your Schedule A as an itemized deduction but are deductible on your Schedule E against rental income.
Special assessments depends on the nature of them. I think they would generally be deductible on your Schedule E (rental) but may or not be on your Schedule A. If they are in the nature of a tax - yes, but others may not be.
