Rental expenses
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Level 2

Rental expenses

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?

2 Replies
Level 6

Rental expenses

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.

Level 2

Rental expenses

Wouldn't a new roof increase the cost basis?

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