If you renovated your basement prior to renting it, you cannot claim the cost as a deduction against the rent. You add that cost to the value of the residence as a whole. The renovation is considered a capital improvement rather than an expense.
If you renovated your basement prior to renting it, you cannot claim the cost as a deduction against the rent. You add that cost to the value of the residence as a whole. The renovation is considered a capital improvement rather than an expense.
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