We have a 36 unit apartment building and there are only 30 assigned parking spaces at this location. The spaces are limited common elements. If a unit owner wants to rent his assigned space out to someone as his renter or himself doesn't own a car - he is allowed at this time to do that by the board. Now here comes my question...since they are limited common elements and the owner doesn't pay tax on the parking spot since he doesn't own it and its not deeded property - if he rents it then its considered income and he is gaining income off of something that he doesn't own. Since its income shouldn't he pay tax on that income on something he is profiting on and gaining money on? Since we all own a percentage of the building and we all have our own tax bill on our unit but the tax bill doesn't include the parking spaces since they are not deeded - isn't that person who is renting out his assigned limited common element parking space required to pay tax on that income?
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