In 2016 I mistakenly listed a new roof on my rental property as a repair expense instead of a depreciable asset (TT is not at all clear on this!). I am selling the property this year. Do I need to somehow correct this? If so, how?
It's past the time when the IRS can even start an audit so you could reduce your basis by the expense of the new roof and call it a day.
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Wouldn't a new roof increase the cost basis?
