Solved: 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?

posted

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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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.

I go through all the steps to input the cost & depreciable basis of my rental property and then turbo tax is not accounting for my depreciation expense?

in Investors & landlords

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