Only indirectly and over time .27.5 years according to IRS rules and regulation from dated[ placed in service with this caveat.
You rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property.
For depreciation purpose you use the square footage of your exclusive area that is the rental [business portion] to the overall the square footage of your home.
i. e. Rental area bedroom [14' by 10" =140 ]sq feet and bath [6' by 10' =60 sq feet] total 200 sq foot of exclusive rental [business use]
Total sq footage of home 2000'
200/2000= 10%
Total building adjusted cost[ the original purchase price plus improvements (i.e. the bathroom total cost);] $250,,000 [land is separate as land is not depreciated]
Depreciate as an asset $25,000.
After you have selected for Turbotax to allocate or NOT!! YOU have to enter the correct amount for deprecation on date placed in service in the asset section for 27.5 years mm depreciation..
At the property asset summary screen for your property; click the edit..Answer question to set up properly in the tax program
X rental real estate property [X means to select]
X residential rental real estate
You now have a 27.5 year property for the yearly allowed allocation of adjusted cost.
The Payment is not an expense.
Mortgage payment is NOT an expense only the 10 percentage of mortgage interest, property taxes and insurance are a rental expense.
