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Recent proposed legislation would allow homeowners who earn $115,000 or less in annual income (or $150,000 on joint returns) to deduct up to $5,000 of association assessments on their federal tax returns.

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My assessment in my old loft included heat, a/c, cooking gas, internet, a premium cable package (all channels!) on top of the usual assessment stuff (water, sewer, garbage). We also had a workout room, party room, roof deck, elevator, doorman…all amenities included in my high assessment. I also had a separate parking garage assessment that included a heated garage. Why should these be tax deductible?