lcwhitton
New Member

Sale of Rental Property. Improvements to same property (roof, hvac) were reported as repairs, not assets, in 2013. Can I add them as assets now? How calc depreciation?

I sold a rental property in 2018, that I've been renting since 2009.

In 2013, I had a new roof and a new HVAC installed.  I mistakenly reported these as repair costs, instead of adding them as "assets".

Now in reporting the sale of the rental property, should I add the roof and hvac as "assets"?  If so, how do I calculate depreciation now, even though depreciation on these improvements were not figured into previous years tax returns?  Also, under what category should I enter the roof? and hvac?  I see options for "land improvements" and "appliances, carpet, furniture"?  Would either of these be suitable?

NOTE: I've been using Turbotax for the life of this rental property, so depreciation on the property itself has been summed up over the years, just not on the improvements.

Thanks