On your 2024 income tax return, you would only need to report any income received or deductible expenses paid during the year that were attributable to the property. If the property is not being rented, then you probably have nothing to report unless you paid real estate taxes. You would need to report the sale of the property in the tax year that it is sold.
You can start reporting rental income and expenses when the property is ready and available for rent. See this TurboTax tips article for more information.
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