We bought a trailer on 1 acre of property this summer. We decided to put a 8-10 person storm shelter on the property as we hope to add another trailer in the future. The renters were very concerned about not having storm shelter as the property is close Joplin Mo. There was a very bad tornado there several years ago.
Can we deduct the full cost of the shelter as it was done shortly after we bought the property. Would this be considered an improvement and we have to depreciate the cost or a straight write off?
Thank you in advance for any information!
I am reposting this as I begin collecting all my expenses and would like to know my options.