Set-up your rental property in TurboTax if you have not done so already. Sign in to your account. Click on 'Take Me to My Return' and click on:
- Federal Taxes >>
- Wages and Income >>
- Rental Properties and Royalties (Sch E)
- Start/Edit/Update and Choose your Property
Once you have your rental property established, you can enter your expenses and capitalized assets related to the property. See the attached image. New air conditioning units are entered under the Assets/Depreciation section. TurboTax will ask you questions and determine whether it is an expense or a depreciable asset.