yes it is. just a question of how?
I can't give a specific $ amount but if it is relatively inexpensive I would expense it. if not, then the question becomes is the shed a structure or a building?
If the shed is a structure that is not permanent in nature then you can use the 179 or bonus depreciation deduction for personal property to expense the entire cost the year acquired.
If it's a building then it is real property depreciable over 39 years
