Correct, right now the property is just an investment property that you are carrying. It becomes a rental property once you place the property in service (available to rent). None of your costs are deductible now. They get added to your basis and come into play when you either sell the property or rent it.
If your plans are to rent it, then the holding costs are added to your original cost and recovered through depreciation over time-usually 27.5 for most residential units.
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