I have spent all of 2022 remodeling a rental property. This property was in service before 2022. It was not offered for rent in 2022.
TTax has a box to check indicating that this property was not rented or offered for rent in 2022. I am assuming that I should check that box. Any affects that I should be aware of?
Please also verify that I cannot deduct any of my remodel expenses in 2022 since it was not rented or offered for rent in 2022. Am I correct in understanding that I can only deduct these expenses once it is offered for rent? If so, I am assuming that I aggregate all of my 2022 and 2023 expenses (assuming that it goes back on the market in 2023) and deduct those expenses then. Correct?
Thanks.
