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Thank you both for your replies. After posting, I decided to try entering the new rental property basis as a new asset, as I had described. It seems to have worked. Here are the details:
In Rental property info, I clicked on "Add expense or asset". Under Assets near the top of the page, the box for the property itself was already checked. I also checked the next box down under Assets, for Improvements, furnishings and other assets.
I then clicked Continue at the bottom. The next screen included the option to select residential rental real estate, so I did. Then I was able to enter the basis, land value, etc. TT then calculated the depreciation schedule over the 27.5 years and a partial year of depreciation for 2021 using the date the new property was acquired. It even showed me the depreciation worksheet at the end, and it all seemed correct!
When I finished this process, TT took me back to the rental property info page, and now the New rental property Asset no longer has the Needs review tag.
