Yes, in the assets/depreciation section of the rental income and expenses category. In the Online product, Premier or higher is needed. All of the desktop editions (CD/download) can handle rental property, asset depreciation, etc.
In Online Premier, start the Rental interview. After you enter basic info about the rental property you will come to a
Rental Summary screen. You will see an interview subtopic on that screen called
Assets/Depreciation.
Rather than depreciating, you may be able to expense items under $2,500 under the "De Minimis Safe Harbor Election." You can read about that when you start that interview and read the
blue help links for popups with more info. One of the popup help windows will help you decide which is better for your particular situation.
You may also encounter an option for a "Special Depreciation Allowance". Your choice there may affect your state depreciation depending on what state you are in. See the popup help there.
I'm going to ask one of the SuperUsers familiar with rental property situations to look at this thread. (see my next comment below)
