To follow-up @Mike9241, actually special depreciation (sometimes referred to a bonus depreciation) will automatically populate for you. If you decide against it, you will have to affirmatively elect out of it. Just to add what has already been stated, the special depreciation allows you to deduct 50% of the cost of the property in the first year, with the remaining 50% of cost expensed over the life of the property.
However, the following property does not qualify for special depreciation:
- Property placed in service and disposed of in the same tax year.
- Property converted from business use to personal use in the same tax year acquired.
- Property converted from personal use to business use in the same or later tax year may be qualified property.
- Property required to be depreciated under the Alternative Depreciation System (ADS). This includes listed property used 50% or less in a qualified business use.
Based on your question, some of the exceptions listed above may impact your ability to take special depreciation.
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