An A/C unit would not be a capital improvement that would be added to the cost basis of the property. It would be depreciated separately as it will only last fifteen years or so. You should have added it as an asset when you placed the property into service at it's fair market value and then depreciated it.
You should have taken the deduction in the form of depreciation over the years and it is too late to do that now without going through a lot of trouble to deduct depreciation not previously taken.
If you made more permanent improvements, like adding a family room for instance, you could add the improvement now by entering the cost and date put into service for the rental in TurboTax. It would be depreciated over 27.5 years, so there would be some undepreciated balance left that may reduce your taxable gain on sale of the property. You would have to recapture the depreciation not taken but allowed, however, so that would reduce the deduction otherwise allowed.
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