Basically, bonus depreciation allows you to write off an additional 50% of the cost of eligible property that you begin using during the current tax year. It's considered "special" or a "bonus" because when this IRS rule first went into effect, it was expected to be for a very limited time. The provision has been extended several times over the years.
From IRS
Pub 946: Special
(Bonus) Depreciation:
Bonus depreciation is "a special depreciation allowance under IRS rules that allows you to recover part of the
cost of qualified property, placed in
service during the tax year. The allowance applies only for
the first year you place the property in service. For qualified
property placed in service in 2015, you can take an
additional 50% special allowance. The allowance is an additional
deduction
you can take after any section 179 deduction and before you
figure regular depreciation under MACRS for the year you place
the property in service."
TurboTax will offer this bonus depreciation during the asset interview sequence if your property qualifies for this special allowance. Because this type of depreciation can be "recaptured" as ordinary income when you sell the asset, taking this additional deduction is optional.
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