We purchased a property in January 2023. It was rented for just over 6 months that year. After the family moved out July 2023, considerable renovations were necessary. These renovations were made from June til December of 2024. Can we expense/depreciate the expenses if no rent was collected in 2024? We were intending to sell the property by the end of 2024 but the buyer did not come through and now things are running into the new year.
