Can I depreciate new kitchen countertops and cabinets in a rental property on a 7-year schedule (and then use 60% bonus depreciation in 2024)?

[PatriciaV]

Yes, you can claim Special Depreciation allowance for rental assets placed in service during the tax year (60% for tax year 2024) but applies only for the first year you place the assets into service. The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. Furniture, fixtures, and equipment have a seven-year class life.

TurboTax will offer this bonus depreciation during the asset interview sequence if your property qualifies for this special allowance. Because this type of depreciation can be "recaptured" as ordinary income when you sell the asset, taking this additional deduction is optional.