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Updated almost 3 years ago,
Depreciation/Deduction Options for Fencing Project
We have a home we purchased and occupied for 3 years. In 2021 (while occupying the home) we spent $5,000 on fencing. Early in 2022 (this year) we moved out of the home and placed it into service as a rental property. We currently have a tenant in place with a 1 year lease. What options (if any) do we have for depreciating or deducting the cost of the fence? Since the money was spent on the fence at a time when we occupied the home, we understand we may not be able to depreciate or deduct under typical means. We are hopeful that there will be other avenues however. I will provide additional context as needed, just ask. Thanks.