I am finishing up my 2022 taxes and not sure how to handle taxes and deductions for an investment property. We purchased a property in September of 2022 and remodeled it for resale in both 2022 and 2023. The house is currently on the market for sale, but due to a slower market, we may end up renting it out instead.
Do I need to include anything for this property in my 2022 taxes? Or would I just capitalize all expenses (remodel and holding costs) once we either rent it or sell it in 2023?
Thanks!
