Condo Special Assessments Offsetting Captial Gains Taxes?

[Michael Keane]

I own and reside in a one-bedroom unit in a multi-family condo building. We homeowners are paying a monthly special assessment (through 2024) for a construction loan (facade upgrades, waterproofing, etc.).

If I were to sell my unit at some point, can the total amount I've paid toward the special assessment be deducted from, or otherwise partially offset, that capital gains taxes I would pay on any profit I make on the sale?