Where do I enter bonus depreciation?

Bonus depreciation is also referred to as a special depreciation allowance. You can claim it when entering a qualifying depreciable asset.

Bonus depreciation is a one-time deduction that can increase the amount of depreciation deduction that you get in the first year an asset is placed in service. This essentially depreciates your asset faster than normal by allowing a larger deduction this year while depreciation in future years will be a lower deduction than it otherwise would be without taking the bonus depreciation.

Bonus depreciation is not always available and the percentage of bonus depreciation you can claim can also change depending on current legislation.