Expenses & Depreciation on Shed Turned into Monthly Rental

[Shaun Hatton]

I purchased a duplex in 2017 which had an old (12' x 12') tool shed on the property.  I expanded it to 12' x 24', remodeled the existing portion and turned it into a monthly rental.  I'm trying to determine the best way to handle this tax wise.  I want to make sure I establish the correct basis for the property and recoup as much of my capital outlay as I can.  Wondering if anyone has gone through something similar and might have some input.  Thanks!