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?
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.
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