So do I enter the date we originally place the house into rental (back in the fall of 2007
No. You enter the date in 2022 when you converted it from personal use, back to residential rental real estate.
the entry in the COST block should be the sum of the new cost basis of the structure and the land
Correct. Take note that the amount in the COST box will be different from what it was before, since it includes the added cost of your improvements to the structure, and you had to subtract the total amount of depreciation taken on it in past years. But the amount in the COST OF LAND box will be exactly the same as it was before, since you did not do anything to the land to add any value to the land, and land is never depreciated.
When the program (not you) subtracts the "cost of land" from "cost", that will be the amount that gets depreciated over the next 27.5 years. TurboTax will show you what's being depreciated on that final screen where you can select the "review" box to see it.
Outside of TurboTax, it's up to you to keep track of that prior year's depreciation total, as you will be required to recapture it if/when you sell the property in the future. That means when/if you sell it in the future, you won't be able to report it in the SCH E section of the program. You'll have to report it in the "Sale of Business Property" section instead. But deal with than when and if it happens in the future.
Also note that the first year of depreciation (which will be 2022) will be pro-rated, depending on what month you converted it back to a rental and placed it back "in service".
