Yes.
It is easiest explained by an example:
Let's say you bought the house for $100,000 and you estimate the value of the appliances at that time were $5,000. That means you paid $95,000 for the house, and $5,000 for the appliances.
Now let's say when you converted the house to a rental, the value of your house was $110,000 and the value of the appliances were then $3,500.
You would depreciate $95,000 for the house (the lower of $95,000 and $110,000) over 27.5 years.
You would depreciate $3,500 for the appliances (the lower of $5000 and $3500) over 5 years.
Both are entered in the "asset" section of the rental section. It may be best to depreciate the appliances separately.
