If the property purchased is simply and investment property and after renovations you plan to sell it, there is nothing to report on the tax return in the year of purchase or any year until it is actually sold. If you sell the property, then you will use the original cost, plus purchase expenses, plus renovations/capital improvements to arrive at your final cost basis to use against the selling price and selling expenses.
If you need to amend to include the mortgage interest and property taxes you are allowed to include this with your itemized deductions.
Check your 2022 return to see if you used the maximum $10,000 for state and local taxes, if so the property taxes will not help you.
Mortgage Interest is allowed for your first and second home within limits.
See Publication 936 to figure your deduction if you have loans taken out after October 13, 1987, that exceed $750,000 ($375,000 if you are married filing separately). Limit when loans exceed the fair market value of the home. If the total amount of all mortgages is more than the fair market value of the home, see Pub. 936 to figure your deduction.
Be sure to read all the instructions carefully, before you begin, so that TurboTax knows the original numbers and the changed numbers for your amendment.
If you already filed your returns and you need to amend or change them you can use the links below to get started:
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