Structurally, surface rust is not a problem, and depending on the metal's thickness and alloy composition, a level of passivation may be reached. Regardless, it's best to correct surface rust as soon as you see it. The fix is not unlike general paint repair. Start by using an abrasive wheel or sandpaper [2] to cut through the paint and corrosion until clean, bright metal is visible. Next, apply primer, followed by paint [3] , then clear coat. Buff to blend the finishes [4] .
Rating Newest Oldest. Best Answer: Nope, sorry condo assessment fees and special assessments are not tax deducible. Keep track of the special assessments, though, because you could add that to your cost basis when you get ready to sell the condo. If you rented out a condo that you owned, then you could deduct all the assessment fees.
Â· just now. Report Abuse. You depreciate the value of the building only. For a condo you have to figure your cost on the value of your unit alone. The value of the land and the value of the common areas are not depreciated. Your tax bill is a good starting point for figuring the value of your unit.The value of the land and the value of the unit should be separately stated.'m renting out my condo. Some1 told me I can calculate the depreciation by taking the fair market value/27.5. Now let's say I purchase the condo for $300k.