An inherited home is treated either as a 2nd home or investment property, depending on how it is used.
The mortgage interest for a 2nd home is deductible on schedule A. As others have indicated, you qualify even though you are not on the mortgage. In the TurboTax (TT) interview, enter as mortgage not shown on a 1098 (since the 1098 is not in your name).
In the past (2017 and earlier), the carrying costs (e.g. insurance & utilities) of investment property were deductible as investment expenses, but subject to being an misc. itemized deduction subject to the 2% of AGI threshold. Those deductions were eliminated starting in tax year 2018.
Real estate (property) tax may be deducted on schedule A, under taxes, without regard to the 2% rule.. But are subject to the new $10,000 SALT cap.
But, taxpayers can elect to capitalize (add it to your cost basis) the carrying costs of nonproductive investment real property before it's sale (Regs. Sec. 1.266-1(b)(1)). The election is made with the tax return by its due date, including extension, by attaching a statement. You cannot wait until you sell the property, but must make that election each year. Attach the statement to the return and write “Filed pursuant to section 301.9100-2” on the statement.
Mortgage interest, for investment property, is only deductible to the extent of other investment income (not subject to the 2% of AGI rule), but can be capitalized. (http://www.nolo.com/legal-encyclopedia/tax-deductions-vacant-lands.html)
Note: tax wise, most people come out better treating the property as investment property. Because the cost basis is "stepped up", inherited property, sold shortly after being inherited, usually results in a capital loss. The capital loss on the sale of investment property is deductible. The loss on the sale on a 2nd home is not deductible.
