Understand that anything and everything listed in the assets/depreciation section must be something that is used to "produce income". So if the golf cart is for the exclusive use of a renter, then no problem. It's cost is what you paid for it. The acquisition or purchase date is when you originally purchased the goft cart. Doesn't matter if it was 10 years ago. The "in service" date is the first day that golf cart was "available for rent", or available to the renter (weather it was used by the renter starting on that date or not, doesn't matter.) The FMV of the cart is it's fair market value on the date you placed it in service. It's classified as "equipment" and gets depreciated over 5 years. Depreciation will be based on the *LESSER* of what you paid for it, or it's FMV when placed in service.
More than likely this will have "NO IMPACT" on your tax liability and you're probably wasting your time with this. But that's just my opinion. Your real paperwork nightmare is going to be when you sell or otherwise dispose of the rental property and/or golf cart.
