You can deduct these expenses as miscellaneous investment-related itemized deductions. Also consider deducting property taxes as personal itemized deduction ( It appears, the $10,000 limit,for deducting property taxes enacted for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA) does not apply to investment property)
Interest
Any interest an investor pays on money borrowed to purchase vacant land is investment interest that can be deducted as an itemized personal deduction. However, the annual deduction for investment interest is limited to the investor's net investment income for the year. Any excess is carried over to future years.
