haha
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I have a condo which now is my residence, but for various reasons I want to keep an accurate basis. We are doing a large building improvement, and it will be financed partly by an assessment and also by a draw-down of our reserve fund. Whatever the project costs, I will be responsible for my ownership (%) * the project cost, no matter whether it is paid by reserves draw-down or assessment. I may even borrow by mortgaging my unit, though I likely would not. None of the work is just repair and maintenance, it is all capital improvements.
So if the project costs $2mm, and my ownership factor is 1%, my cost should be paid and recorded as .01*2,000,000=$20,000.
Any comments or corrections?
Thanks, Ha
So if the project costs $2mm, and my ownership factor is 1%, my cost should be paid and recorded as .01*2,000,000=$20,000.
Any comments or corrections?
Thanks, Ha