- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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