Where can I enter cost basis for a first year rental property? It says its under Assets in the Rents and Royalties topic, but I dont see it as an option.

You have to get into the rental far enough to ask about the other expenses. If you come out and go back in, go through all the income questions again and you should be able to see the summary screen.

Follow these steps:

1. Open to federal income
2. Select rental
3. Rental and Royalty summary
4. select the property and Edit
5. Summary of your rental shows
6. Locate the asset/ depreciation section
7. Edit/Update
8. $2500 of items or less, select  no to get to the house and get it added. You can come back later and say yes.
9. Make improvements- select no for now. Again, you can come back later and say yes.
10. Select to add an asset
11. Enter the house as an asset
12. select add asset
13. Enter any other assets/ improvements
14. done