Can an Owner Claim-Loss on Renovated Room?
My client owns an apartment complex, and recently did renovations with such renovations he was able to increase monthly rent on new tenants. He upgraded the whole complex including already rented apartments. Since he has leases that have not expired at a certain amount, which is lower than the new value of rooms, can he legally write off the difference between the rented apartments at the old rate and the soon to be rented apartments at the new rate?
in progress 1 Answer