Delete this question

[TomK · Accepted solution]

The IRS lists the depreciable life of a fence as 15 years.  When did you purchase the property?  As for the FMV of the fence, what would it cost to replace the fence with a similarly built one?  

E.g., suppose the fence would cost  $1,200 to replace it & you bought the property 5 years ago.  $1,200 / 15 = $80 depreciation/year.  5 yrs x $80 = $400.  $1,200 - $400 = $800 FMV

[TomK]

I realize that this may be a simplified example, but I hope it will help give you some kind of idea in how to proceed.