Asset depreciation in Turbotax Deluxe version. I need to depreciate a new roof. How do I depreciate 27.5 years with this version? Thank you

If the new roof related to a Rental Property, add the cost as an additional Rental Asset, type Improvement. TurboTax will apply the same recovery period as the main rental property, per IRS Pub 527 Table 2.1 MACRS Recovery Periods for Property Used in Rental Activities.

If the new roof was installed on personal residence, the cost increases your basis in the property. It is not depreciated.

The easiest way to find Rental Properties in TurboTax is to open your return and click the magnifying glass at the top right side of the TurboTax header. Enter "schedule e", hit Enter, then click "jump to schedule e". This will take you directly to the start of this section.

Or in TurboTax Online, go to the menu on the left and choose Tools >> Tools >> Topic Search. Type in "schedule e", then click the topic in the list.

See also: How do I handle capital improvements and depreciation for my rental?