Yes, all your costs prior to listing the property for rent are included in your basis of the property. This would be the total cost that would be depreciated over the recovery period of 27.5 years.
The one exception is interest expense. If you have a construction loan or mortgage secured by the property, you may report the interest paid on that loan as Investment Interest Expense on Schedule A (Itemized Deductions).
The easiest way to find Schedule E in TurboTax is to use the Search box at the top right side of the TurboTax header. Enter "schedule e", hit Enter, then click on "jump to schedule e". This will take you directly to the start of this section where you can set up your rental property.
After the property is listed and available to be rented, loan interest and most repairs & maintenance expenses are reported as Rental Expenses. Improvements (additions, upgrades, etc.) would be Rental Assets for depreciation.
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