Hello Carl,
Thank you for quick response. I am aware of the possible recapture rule, so thank you for that.
I did, however, go with a different option to depreciate my asset (Vinyl Fence). I did the following;
1. Selected Rental Real Estate Property
2. Tell us about this rental Asset.
Describe the item or asset: New Vinyl Fence
Cost: $9,846
Date purchased or acquired: 12/28/22
I selected: "I purchased this asset."
3. Have you used this item 100% for this business since you acquired it?
"Yes"
4. Enter the date that you first started using it for business: 12/30/22
5. Special Depreciation Allowance
This asset qualifies for one time special depreciation deduction of $9,846.
Do you want to take this deduction? "Yes"
