Question

Can I depreciate existing fences for rental porperty?

Forum|Forum|6 years ago
February 24, 2020
1 reply
0 views

Hi,

I installed fences for my own house in 2017. Starting September of 2019 I rented the house out. Can I depreciate the fences as an asset for my rental property? Does anything I depreciate have to be installed in 2019?

Thanks a lot!

K

KatrinaB48

Yes, you can depreciate the fence on your 2019 return. You depreciate property related to your rental business in the year you place it in service. According to IRS Publication 527, if you change the property's use to business or the production of income, you can begin to depreciate it at the time of the change. You place the property in service for business or income-producing use on the date of the change. Please view this TurboTax FAQ for more information about deducting rental property deductions.

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