When setting up depreciation for these items, its something that gets done separately from the home depreciation correct? Meaning, the rental property will continue on its depreciation schedule it has been on when I initially set it up, unaltered, and these new items will have their own separate depreciation schedules set up as separate assets?
Correct. You have no need to do anything to the existing property asset you entered in the first tax year you started renting out the property. In the Assets/Depreciation screen just click the "Add an Asset" button at the bottom, and enter your new assets acquired and placed in service in 2023. As a special note, for the HOA assessment, how you deal with that depends on what the assessment is for. If it's for anything structural in say, the common areas, such as replacing a stair case, then that's a residential rental property asset that gets depreciated over 27.5 years. Whereas if it's for repaving the parking lot, that's a land improvement that gets depreciated over 15 years.
If you had a new central air unit (HVAC) installed, be aware that gets classified as residential rental real estate and depreciated over 27.5 years because it's considered to be "a part of" the structure. I've seen times where it was incorrectly classified as an appliance.
