Deductions For a Rental Property

I have purchase a rental propert in a college town, and was thinking about furnishing it and leasing it furnish. Can the actually furniture be depreciated in 5 years.

Yes. Some limits may apply.

The cost of the furniture you provide your tenants for their use would be depreciated on a five year schedule. If you supply used furniture rather than brand new, the thrift shop value of the furniture is your depreciation basis.