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
