IRC section 266 and related reg
statement must be attached to return - didn't see it in Turbotax
An example statement to attach to a tax return:
Election to Capitalize Property Carrying Charges. The taxpayer hereby elects, pursuant to IRC Sec. 266, to capitalize, rather than to deduct, the following carrying costs incurred with respect to [describe property] located at [property location].
Below this, provide both a description and amount for the costs relating to this election.
*
this is an annual election so if you paid interest and taxes in 2021 and didn't make the election with that return you can't include them.
