I added a new asset to an existing rental - can this be right?

[dwright2020]

I selected 'land improvement' (It's a seawall which I had constructed last fall, and paid upon completion) and TT asked if I wanted to use the 'special depreciation'. I said yes and now the entire amount (somewhat above $25K) can be claimed for 2022. This seems wonderful, but is it legit?

[SantinoD · Accepted solution]

Yes, the 100% additional first year depreciation deduction was created in 2017 by the Tax Cuts and Jobs Act and generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.