Yes, capital improvements that add to the value of your rental property are normally depreciated. You can see a list of typical improvements here: How do I handle capital improvements and depreciation for my rental?
However, you may be able to write off these costs if you qualify for the Safe Harbor Election for Small Taxpayers. TurboTax will ask you about this election under the Assets/Depreciation section of your Rental Property. If you choose this election, you can expense up to $10,000 in costs that would otherwise be depreciated over a very long time.
Rental Improvements are depreciated using the same depreciation method as the Rental Property itself - straight-line over 27.5 years (asset type I - Residential rental real estate). When you enter the asset under Assets/Depreciation from the Rental Summary, TurboTax will calculate the allowable depreciation for this year and display a summary of the deduction on the Asset Summary page (click the box for "Show Details").
Also, if you click Continue at the bottom of the Rental Summary, you will see a page "Your Profit or Loss Results So Far" that compares you net income/loss to your deductible loss for this property (if any).
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