Get your taxes done using TurboTax

MarilynG1 · ‎March 9, 2020

Generally, you are allowed to claim Special Depreciation or Bonus Depreciation the first year you place an Asset in Service.

However, if you have another Asset for the Rental Property that is the same class (5-year, 7-year), you have to use the same depreciation method for all of them.

Your Furnace, though, can be depreciated 27.5 years, along with the property itself.

Choose 'Residential Real Estate' for Type of Asset (screenshot).

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