Business & farm

Since you had no Rental Real Estate during the 2021 tax year, you have no expenses to report.

Any pre-paid closing costs related to acquiring the rental property will be added to the cost basis of the property in the tax year of the closing. These are not expenses.

The startup/organizational costs to set up your business are either business expenses or amortized capital assets. You'll find this section in TurboTax Business under Federal Taxes >> Deductions >> Startup or Organizational costs. Be sure you indicated under Business Info that your business began in 2021.

Per IRS Pub 535 Business Start-Up and Organizational Costs:

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized. For information about amortizing start-up and organizational costs, see chapter 8.

Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Organizational costs include the costs of creating a corporation or partnership.

You elect to deduct the start-up or organizational costs by claiming the deduction on your income tax return (filed by the due date including extensions) for the tax year in which the active trade or business begins.