Can I add HVAC system purchased in 2013 to increase my basis. I SOLD MY RENTAL IN 2018. I DID DEPRECIATED HVAC FOR 5 yrs. Can I add cost of all new appliances to basis?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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I have sold condo in 2018. Can I add HVAC cost bought in 2013 to basis? Also can I add all new appliances to basis. All appliances were below $2500 cost so I have taken as expense in such E during last 3 years.

TurboTax Premier Windows

maglib

Level 11

If I understand it correctly, you expensed these items in the past so NO you can not add them to basis now.

Only the undepreciated (non-expensed) portion of assets can adjust basis. The IRS assumes you placed any asset into depreciation when it was available to use, if you did not add the asset to depreciate it or expense it correctly, you would have to amend prior year returns, you can't just fix it this year.

I hope this helped although I know it was not what you wanted to hear.
All the best in finishing your returns.

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