@Greenblue wrote:Am I correct in the reporting of depreciation and which property classification 5, 7 or 15 do I use?
Yes, except farm fences typically have a recovery period of 7 years (residential land improvements, such as fences, are typically 15-year property).
However, you can most likely recover the entire $6,500 in the form a special allowance (bonus depreciation) and thus not have to track depreciation deductions (and cumulative depreciation) over several years.
Further, if you input this scenario into TurboTax, you will have to use "Intangibles, Other property", and then select "Other asset type" in order to get to the proper asset class and method.
