https://ttlc.intuit.com/community/taxes/discussion/rental-expenses/01/1751146#M621672 <P>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?</P> Sun, 06 Dec 2020 01:09:26 GMT kristinelise57 2020-12-06T01:09:26Z https://ttlc.intuit.com/community/taxes/discussion/rental-expenses/01/1751146#M621672 <P>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?</P> Sun, 06 Dec 2020 01:09:26 GMT https://ttlc.intuit.com/community/taxes/discussion/rental-expenses/01/1751146#M621672 kristinelise57 2020-12-06T01:09:26Z https://ttlc.intuit.com/community/taxes/discussion/re-rental-expenses/01/1751553#M621673 <P>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.</P> Sun, 06 Dec 2020 22:06:16 GMT https://ttlc.intuit.com/community/taxes/discussion/re-rental-expenses/01/1751553#M621673 M-MTax 2020-12-06T22:06:16Z https://ttlc.intuit.com/community/taxes/discussion/re-rental-expenses/01/1751882#M621674 <P>Wouldn't a new roof <EM>increase</EM> the cost basis?</P> Mon, 07 Dec 2020 16:57:16 GMT https://ttlc.intuit.com/community/taxes/discussion/re-rental-expenses/01/1751882#M621674 kristinelise57 2020-12-07T16:57:16Z