Purchased new construction home as investment property Q4 2019. Holidays, additional work needed, time of year delayed renting. Home is now rented (in 2020,) yet purchase was significant with many expenses and depreciation started in Q4 2019.
TT appears to fixing the new purchase to its in-service date of first rental, meaning we would not add this to our 2019 taxes at all, rather 2020 taxes next year. Are there no tax benefits to the purchase in 2019, the mortgage and expenses we have been floating since closing? We do have mortgage interest statements, for example.
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Added tidbit. We sold an investment property in Q4 2019 and purchased the new one through a 1031 Exchange.
