You will report this rental property in the tax year when it was first available to be rented (not when you purchased the property).
Any expenses you incurred before you listed the property as a rental increase the basis of the property and should be entered as separate Rental Assets, subject to depreciation. Closing costs are generally included in the basis of the property itself. Improvements/renovations are entered as a separate real estate asset, as are mortgage points. You can combine other expenses (taxes, utilities, etc.) as another real estate asset.
IRS Pub 527 Adjusted Basis: "You must increase the basis of any property by the cost of all items properly added to a capital account. [This] include[s]…[t]he cost of any additions or improvements made before placing your property into service as a rental that have a useful life of more than 1 year."
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