Would it impact the final value for depreciation, for example, $20000 (20K) was spent on remodeling the house in 2000 (or any year before the house was rented out)?
Assuming your remodeling costs are property improvements to the structure, and further assuming this was done "before" you converted the property to a rental, that gets added to the total cost basis. So that would change the math percentages. For example, if you paid $50,000 a few years back to remodel the kitchen and bath, your new cost basis is what you paid for it originally $500,000) plus the cost of any property improvements ($50,000) for a cost basis of $550,000. That changes the land value since the most recent tax bill shows 29% for the land. Doing the math, 29% of $550,000 is $159,500 for the land value.
But lets say 2 years from now you put a new roof on the property at a cost of $75,000 in tax year 2024. Since the property would already be a rental and being depreciated, under no circumstances would you change the values of the existing asset. No exceptions. Doing so will completely screw up the depreciation history and all future depreciation going forward will flat out be wrong. You'd simply enter the new roof as a completely new and separate asset in the assets/depreciation section, and depreciation on that roof would start on the date placed in service. That's usually the date it's completed and approved by your local building authority who verifies it's built to the local/state/fed building codes that apply. I know in my county where I've put new roofs on my rental properties over the last few years, it was inspected/approved the next business day after the work was completed. So that's my official "in service" date for that asset.
