Bonus Depreciation 2024 Rental Property Tax. Depreciation deductions for rental property are allowed until all costs have been recovered or the owner no longer rents the property (e.g., it’s sold, destroyed, or taken off the. Dividing this by the property’s useful.

The tax code explicitly states that bonus depreciation is not available for residential rental property (irc section 168 (i) (7)). Many investors are pleasantly surprised to learn that they may be able to claim 100% bonus depreciation on a.