Enter the building and the land as two separate assets in TurboTax. Land is not depreciable. Add up all of the acquisition costs that are part of the basis of the property (purchase price and nonrecurring closing costs as explained before), and allocate the acquisition costs between the land and the building as a percentage of the total value of both.
The relative amounts for land and improvements (building) shown on a real estate tax bill are often a good guideline for determining the allocation of basis between land and building.
If you purchased appliances separately, you can list them as separate assets as well, or they can be deducted as expenses if they each cost less than $2,500.
Also, I noticed you mentioned you are the beneficiary of a trust that owns the property. In that case, the rental activity should be reported on the trust tax return, Form 1041. Form 1041 is not part of TurboTax for individuals, but is available in TurboTax Business.
The trust return would then generate Form K-1 to you to reflect the income you received after a reduction for the expenses, which you would then enter on your personal tax return.
You may wish to obtain legal advice about this situation before proceeding further, especially if you are not familiar with the terms of the trust.
See the discussion in this thread for examples.
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