When you set up your Property Profile in the Rental section, you can add your Assets (including the rental house) in the Assets/Depreciation section.
TurboTax calculates Depreciation for you, based on Cost and Date Started Using for Business, etc. You can choose the same method of depreciation as shown on your Form 4562 when you enter your rental assets.
Here's more detailed info:
https://ttlc.intuit.com/replies/5161635
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