Hi,
I sold my rental property last year (August 2023), which was my primary residence until 2012, at which time I converted it to rental property.
I am confused by what items can be added to the cost basis. Can assets that have been depreciating (HVAC, water heater, new flooring, etc.) also be added to the cost basis? For example:
1. Three months prior to sale, I replaced the shingle roof. Can I add this expense to cost basis?
2. I purchased (and have been depreciating) an HVAC system in 2015. Can I add its original cost to cost basis?
3. I DIY remodeled the bathroom in 2020. Can I add that cost to cost basis? I did fully deduct the expenses in that year as a repair.
And... how far back can I dig into receipts for increasing cost basis? 10 years? 20 Years? No limit?
For example: I added a retaining wall way back in 2004. And I the replaced breaker box in 2002. Can these costs be added to cost basis?
