Yes, you can enter all your assets for either your business (Schedule C) or rental property (Schedule E). TurboTax will calculate the total depreciation you should have taken since you first placed each asset into service and the depreciation expense for the current year.
For the assets you purchased in 2024, you may be able to take the Safe Harbor Election that allows you to expense (not depreciate) assets that individually cost $2,500 or less.
You will also need to file Form 3115 to request a change in accounting method for the missed depreciation on any asset purchased before 2024. Because Form 3115 is not supported by TurboTax Online in the interview, you may wish to switch TurboTax Desktop (where it is available in Forms Mode). Consult the instructions for this form: Instructions for Form 3115.
Regardless of how you decide to proceed, you should file an extension to avoid penalties and interest for failure to file by the deadline.
Additional Information:
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