I own a condo that I rent out. At the end of last year the roof for the entire building was replaced. I input this information into Turbotax and it ask me if I'd like to use a special depreciation allowance and deduct the entire expense this year. From what I've read about this special depreciation allowance it doesn't seem like I should be able to, instead I should have to depreciate it over a period of 27.5 years. Can I use the special depreciation allowance?
Additionally I had the condo appraised last year in order to remove PMI (the condo has gone up significantly in value). I did not refinance. Is the cost for the appraisal deductible as an expense?
