Is my rental property considered an Asset? If so, do I need to include it in the section where it asks about depreciation of assets?

[Critter]

Yes ... you MUST depreciate the home per the IRS regulations ... it is not an option. 

[sisavanhsteven]

Okay, thanks. If the property was gifted to me, how would I correctly fill out the COST section if I had not paid for any of it?

[Critter]

The basis in a gift is the gifter's basis so ask them.