Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
P
paltra
March 23, 2024
Question

Special depreciation allowance

  • March 23, 2024
  • 1 reply
  • 0 views

Does the special depreciation allowance apply to qualified property used in a residential rental property?

    1 reply

    PatriciaV
    PatriciaV
    Employee
    March 24, 2024

    Residential Real Property is not eligible for Special Depreciation. This includes the building and any improvements.

     

    However, appliances, furnishings, and equipment used in a Rental Property are eligible for Special Depreciation in the year they were purchased and placed into service.

     

    TurboTax makes this determination based on your choice under "Describe this Asset".

     

    See also: IRS Pub 946: Special (Bonus) Depreciation

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification