Ive owned a rental home for 10 years, but only now learned of the depreciation benefit. How do I begin taking that benefit now?

Yes, you can begin taking the depreciation benefit by doing the following. 

1. Select  federal tab, then go to wages and income or income and expenses
2. Scroll to Rentals, Royalties and Farms click on the drop down that says show more 
3.  Select Rental Properties and Royalties (Sch E) Select start
4. Then you will go through a series of questions regarding your rental property.
5. Once these questions are answered, Turbo Tax will take you to a Rental Summary Screen. Note, you may have this information recorded already.
6. From this screen, select Assets/Depreciation> select start
7. Select yes when the program asks you if you have assets for this property that can be depreciated.

Now I am going to give some Tax Advice.  You did not take this depreciation deduction in prior years and this may hurt you if you sell your rental. If you have rented your property for 10 years and sell it this year or any year, you will need to pay back the depreciation for the time you rented your property.  It does not matter rather or not you took the depreciation because IRS says if you didn't take it, you should have. it's called depreciation recapture.

One saving grace is, you can amend your 2018 and 2019 tax returns and receive a refund for the depreciation you did not take in those returns. The IRS states that taxpayers should file an amended return to claim a refund within three years from the date they timely filed their original tax return or within two years from the date they pay the tax, whichever is later. 

[Edited 02-23-2021|02:52 PM PST]