What is maintenance expense and what are production costs?
I have been a co-owner of an 8-unit multi-family rental property since 1970 as part of an undivided inheritance community with my mother and sister, each owning 1/8. After my mother's death in 2008, I inherited half of her 3/4 share and paid out my sister's 1/8 share and her half of the inheritance. In 2011, I started renovating the house and bringing it up to the required energy standards. The attic was demolished and three new apartments were built. The remaining apartments were renovated (new gas central heating system, new radiators, new electrical wiring, bathroom renovations). Additionally, external insulation with new plaster was added, and outdoor facilities and garages were repaired. How do I differentiate between personal ownership, inheritance, purchased inheritance share from sister in terms of construction/maintenance costs with the various trades?
