I bought several properties at a Tax sale that are in bad shape.. I bought them in 2022 and I'm now doing my 2022 taxes.
I have paid maintenance costs and property taxes on them in 2022 and 2023 but since I have not income on them I'm unsure how to list them in turbo tax or if I even need to list them.
Questions.
1. I know I don't depreciate them until they are ready to rent, correct?
2. Can apply the taxes and maintence costs as deductions against other rental income? I'm a RE professional.
3. Or if not would I add those costs to my basis when I sell them? (I may sell without ever renting them out or I might renovate some of them and then rent them out in the future)
4. If I don't deduct any of these expenses do I need to even address them anywhere on my return? or just wait until I sell them or decide to rent one out?
