I have a farm of nut trees I rent to a farmer. Some have of the trees have died. The farmer at my approval, purchased new trees and planted them where the dead trees were taken out. He subtracted the cost of the trees from my portion of the crop check already. He says they have already been expensed and that I can't depreciate them. I believe they are an asset that can be depreciated for 10 yrs.
What is correct story? Can I depreciate the trees newly planted even though the cost was taken out of my crop check?
