This prior discussion should answer your question
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-a-water-heater-be-treated-as...
It explains why 27.5 yrs is the correct timeframe.
In order to expense it you must be eligible for the de minimus safe harbor rules. See page 4 of
https://www.irs.gov/pub/irs-pdf/p535.pdf
If you are eligible (very likely) then it is usually better to deduct now rather than spread it out. Unless you don't have other income to offset. Or unless you think (your) tax rates will increase in the future and that they are very low now. That is of course unknowable for sure.
Note that if you do depreciate it, when you replace it, you do not continue to depreciate it. You can only depreciate assets you still have.
Rather you will have a loss for unused deprecation in that year. So it isn't wasted. You mark the asset in TT as abandoned (or sold for nothing) and TT will do the rest. If instead of abandoning the asset you sold it then you might have a gain or less loss depending upon the proceeds and how much had been depreciated.
E.g. keeping it simple: $1k asset, 10 yr life, $100 depreciation per year (ignore partial year conventions). asset is abandoned right after year 5 (no value at that point).
Asset basis = $1k - depreciation allowed or allowable = $1k - $500 = $500
Proceeds received = $0
gain = proceeds - adjusted basis = $0 - $500 = -$500 (e.g. $500 loss).
TT will put that on Form 4797 in the year of abandonment and it will offset other income.
See https://www.irs.gov/pub/irs-pdf/p544.pdf page 5
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