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kristinelise57
Level 3

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?

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‎December 5, 2020 5:09 PM
last updated ‎December 05, 2020 5:09 PM
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M-MTax
Level 10

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.

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‎December 6, 2020 2:06 PM
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M-MTax
Level 10

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.

‎December 6, 2020 2:06 PM
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kristinelise57
Level 3

Rental expenses

Wouldn't a new roof increase the cost basis?

‎December 7, 2020 8:57 AM
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