Rental Property Huge Special Assessment
In the building where I have a rental property, the special assessment will be implemented this year. The special assessment will be in the range of $35-45K and it will cover new balconies, pool, parking lot, electrical stuff, etc.
Obviously, its huge expense and I would like to know if its tax deductible or not? Is it better to pay all at once from a tax standpoint or it's still better to finance? What would be your recommendation?