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Updated 2 months ago, 09/11/2024
New fence replacement on rental property is deductible or depreciation
Hi,
My rental property is a single-family home. I had to replace the fences after a strong storm last year, which costed $4200 in materials and labor. Is it possible for me to declare it as a repair and deduct the expense in the same year? It was not a newly constructed fence to increase the value of the property; rather, it was a replacement for an old, damaged fence due to nature disaster. If my logic is faulty and I have to perform deprecation, could you please advise me the number of years that a fence has to be depreciated?
Thanks,
Jane