Buying and renting out a condo has tax implications
What are the tax aspects of purchasing a condominium in 2005 and then renting it until I can move in?
Owning a condominium means owning a dwelling unit in a multi-unit building. You also own a share of the common areas of the multi-unit building such as lobbies, elevators and land. Dues or assessments you pay to the condominium association for maintenance of the common elements are deductible. You cannot deduct special assessments you pay for capital improvements; however, you may be able to recover your share of such costs by depreciating such costs.
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