When you buy a Condo at the Lake of the Ozarks, what are the tax deductions?

If you own a condominium, you own a dwelling unit in a multi-unit building. You also own a share of the common elements of the structure, 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.  If you rent your condominium to others, you can deduct:

Depreciation, repairs, upkeep, advertising, cleaning and maintenance,   
insurance, taxes, mortgage interest, points, commissions, tax return fees, utilities, travel expenses, rental payments, local transportation expenses, dues, interest and taxes, and assessments for the care of the common parts of the structure.

You cannot deduct special assessments you pay to a condominium management corporation for improvements. But you may be able to recover your share of the cost of any improvement by taking depreciation.

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