Rental expenses

[kristinelise57]

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?

[M-MTax · Accepted solution]

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.

[kristinelise57]

Wouldn't a new roof increase the cost basis?