DianeC958
Expert Alumni

Deductions & credits

You begin depreciation once you place the property in service.  This means it is ready to be rented.  Until the property is ready and available to rent your cannot depreciate it.

 

You can deduct the property taxes and mortgage interest you paid for the rental property as an Itemized Deduction as a second home until the property is ready to rent.

 

Link to Tax Deductions for Rental Properties

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