Yes, Special Depreciation (also known as Bonus Depreciation) is available for qualifying property that is new, the original use begins with the taxpayer and falls under MACRS with a recovery period of less than 20 years.
Residential Real Property is not eligible for Special Depreciation. This includes the building and any improvements.
However, appliances, furnishings, and equipment used in a Rental Property are eligible for Special Depreciation in the year they were purchased and placed into service.
TurboTax makes this determination based on your choice under "Describe this Asset".
For tax year 2024, the rules for Special Depreciation (Bonus Depreciation) allow a 60% deduction of the balance remaining after claiming Section 179. This is available in the year the asset is placed in service and includes rental assets other than the building and improvements. Special Depreciation is the default method for qualifying property unless you opt-out.
See also: IRS Pub 946: Special (Bonus) Depreciation
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