The special assessment will be in the range of $35-45K and it will cover new balconies, pool, parking lot, electrical stuff, etc.Obviously, its huge expense and I would like to know if its tax deductible or not? 

Also if you put in an LLC all or a portion may be tax deductible. 

We have some real estate for which we try to increase our deductions but I work a lot of overtime as an ER nurse so that I can save in order to invest in real estate and make ends meet in our high cost of living in Hawaii.

If the cost is not covered by insurance a HOA will generally levy a special assessment on condo owners.

We put $2,000 deductibles into our agreements  for major capex and do no routine maintenance of the property. 

Hey BP, I recently bought a book titled “every landlords tax deduction guide“ from a local thrift store, after bringing it home I noticed the book is the 12th edition from 2016.

Hello,I bought a property in 2017, which is 'grandfathered' in to the limit on interest deduction. 

Should I deduct from the deposit minor repairs to the sheetrock from screws, tv mount, and nails?

@Jonathan Levi dude that's awesome that your property has skyrocketed!

They get all the tax benefits ( depreciation & interest deduction).