Where to depreciate a new roof on a rental property

Yes, the cost of a new roof is entered under Rental Properties & Royalties as an Asset for Depreciation. Rental activity is reported on Schedule E.

The easiest way to to find Schedule E in TurboTax is to use the Search box 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 go to My Account >> Tools >> Topic Search. Type in "schedule e", then click the topic in the list.

Follow the instructions below for entering income, expenses, and capital assets (building and improvements). The capital asset section will calculate depreciation expense for you based on the information you enter.

Where do I enter income and expenses from a rental property?

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

You will find the Asset/Depreciation section on the Rental Summary page for the Rental Property that received the new roof. If you have not yet set up that property, you will add it first.

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For your reference: According to the IRS FAQ:

Replacements of the entire roof and all the gutters, and all windows and doors of your residential rental property:

• Are generally restorations to your building property because they're replacements of major components or substantial structural parts of the building structure. As a result, these replacements are capital improvements to the residential rental property.
• Are in the same class of property as the residential rental property to which they're attached.
• Are generally depreciated over a recovery period of 27.5 years using the straight line method of depreciation and a mid-month convention as residential rental property.