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.
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)
I added some additional information to the answer above. If you were emailed the original answer, please return to the forum to see the full info.
I'll also ask someone who deals with rental property situations to look at this thread and further advise if necessary.
@Carl Do you have anything to add? Thanks.
ALso, with appliances, when you dispose of them for "any" reason, it's more paperwork in order to account for the depreciation aleady taken. Since appliances are depreciated over 5 years, a $500 stove depreciated at $100 per year will make *NO* difference on your tax liability over each of those 5 years. But later when you have to recapture that $500 of depreciation later, it *will* increase your tax liability.
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