To claim Special (Bonus) Depreciation, go to the Rental Property and click Start/Update beside Assets/Depreciation.
- Continue to the list of Property Assets and Add An Asset.
- Choose Rental Real Estate then Appliances, carpet, furniture. (Fences have a useful life of 5 years, not 27.5 years like Residential Properties; also, Residential property doesn't qualify for bonus depreciation.)
- On the page "How Do You Want to Deduct this Item?" choose the last option "I'll take the 100% special depreciation allowance."
- Check the Show Details box to confirm the deprecation options for this asset.
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