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.
Instructions. Use depreciation to reduce the costs basis of your condominium investment. Depreciation is an accounting method used to calculate the decline of an asset's value over its useful life. The Internal Revenue Service allows depreciation as an expense against taxable net income.alculate net profit or loss on a rental condominium by subtracting deductible expenses, including depreciation, from income. Expenses include operating expenses, mortgage interest and depreciation. Let's say you purchase a $200,000 condominium.