I don't believe so. I was part of the form that listed a property we own that was a vacation home now as a rental income property. We bought it for $120,000 but I inadvertently made it $1,200,000. Our initial mortgage was $105,000 and that was entered as $1,005,000
It was bought in 2017 and what I understood from TurboTax when we started that tax return was that these forms didn't impact our return this year but were essentially "establishing" the property a a rental property
