Originally Posted by lovemykidstoo:
Thank you Tom. Looking through those categories, I noticed fence. We are replacing our broken down fence this summer. How would that be reflected on our taxes? Would it be under t/s % or some sort of depreciation? I'm expecting it will cost about $800. What do you think the return back to me on that would be roughly?
You can deduct your time-space% of the $800 in one year - no depreciation. If your time-space% was 30%, you would create a $240 tax deduction. Depending on your family's tax bracket, you would save about $70- $90 on your taxes.