I inherited agricultural farmland in 2023. It is irrigated farmland so there is a pivot, motor and well on the property for watering the crops. I charge a fixed cash rent to the tenant. My first rental income was received on 1/4/2024 so will be filed on my 2024 tax return. I understand since the irrigation equipment was inherited I am unable to use Section 179 or bonus depreciation. My question is even though I inherited the irrigation equipment in 2023 can I wait and report it for depreciation purposes beginning in 2024 when I have income from the property or do I need to enter the equipment on my 2023 tax return?
