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wzsheng51
Returning Member

Special depreciation

I have several rental properties and have used Turbotax for quite few years. I have a problem for one property this year. I added an asset to the property (A/C & Gas furnace) and it automatically gave me a special depreciation for the full amount. I know it is not right and tried every possible way to make it off but it didn't work. I have even tried to change the year for put house in service, changed the location, changed prices, nothing works. Same asset if I put it to other properties, everything is under control. Need help, please.

Wzsheng51

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2 Replies
MarilynG1
Expert Alumni

Special depreciation

Generally, you are allowed to claim Special Depreciation or Bonus Depreciation the first year you place an Asset in Service. 

 

However, if you have another Asset for the Rental Property that is the same class (5-year, 7-year), you have to use the same depreciation method for all of them.

 

Your Furnace, though, can be depreciated 27.5 years, along with the property itself.

 

Choose 'Residential Real Estate' for Type of Asset (screenshot). 

 

 

 

 

 

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wzsheng51
Returning Member

Special depreciation

Thanks.

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